SolarEdge Technologies Inc. / Enphase Energy: Transforming for 800V

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SolarEdge Technologies Inc. / Enphase Energy: Transforming for 800V

Barclays | SolarEdge Technologies Inc. / Enphase Energy

there is no single point of failure, similar to its microinverter strategy for solar. For SEDG, it is

leveraging its long history of DC-optimized solar and battery solutions to manage highly

complex DC grid integration. We think it's still too early to determine how market share will pan

out, but we would note that capturing a 5% share gain in a market with roughly ~$2bn annual

TAM would equate to $100mm, which would translate to ~6% upside to 2029 consensus topline

numbers for SEDG and ~7% for ENPH.

The shift to 800V DC

Solid state transformers could be a $2bn opportunity by early 2030s

Data center power demand has been the topic of discussion over much of the last year, as the

domestic power gap grows at a rate not seen in recent history, led in large part by the ~80GW

worth of electric power needs brought online by the creation of these data centers. Many

companies in our coverage stand to benefit from the short power theme. However, NVDA has

recently been pushing for a shift to an 800V DC data center architecture (as opposed to the

~400V AC architecture used in today's systems), which provides opportunities for some

companies under coverage to create products suited for the new systems (NVDA is currently

targeting a launch date in 2027).

In particular, we believe SEDG and ENPH could stand to benefit from this shift, as both

companies have unveiled solid state transformer products (SSTs) that will largely be required

for data centers to convert AC to DC and regulate voltage from the grid or other on-site source of

energy generation. In large part due to market excitement over these new products, SEDG and