Clean Energy Bay Area Clean Energy Manufacturing Bus Tour Takeaways

研报英文原文证据摘录

Clean Energy Bay Area Clean Energy Manufacturing Bus Tour Takeaways

mplement within the black space, an advantage

over competing solutions using side cars in the gray space given space constraints. In

other words, no side car in the gray space results in a data center’s ability to use

commoditized BESS solutions, a significant overall cost savings versus customized

batteries. While experts in distributed architecture power conversion, ENPH admitted a

lack of expertise selling into data centers though the company is encouraged by progress

thus far in building relationships with hyperscalers, co-locators, and EPCs.

• SST timing. The CTO began evaluating the SST opportunity more than two years ago

and the company was operating in stealth mode for ~9 months prior to the recent launch.

ENPH maintained targets for a demo product to be available by YE26, pilot activity with

customers in FY27, and commercial orders beginning in FY28.

• Core business puts and takes. ENPH noted that European demand has been recovering

since the beginning of the Iran war and has strengthened since the 1Q earnings call,

believed to be driven by modest increases in power prices but also energy security

concerns that power pricing could potentially escalate further in the event of a prolonged

conflict. Within the US, the company noted strong demand for the Propel pre-paid lease

+loan, though noted the initiative is constrained by working cap/warehouse financing.

Funding is limiting originations to ~200 per week (similar to the level described on the

1Q call), though the company believes that demand can support closer to 500

originations/week by year-end (~250 MW run-rate). ENPH believes that Propel upside

could be offset by increasing interest rates, resulting in pre-paid leases gaining share as