Worayuth Kamonsuwan/iStock via Getty Images
Enphase Energy (ENPH -2.1%) shares had climbed as much as ~2.5% before turning lower with the broader market, after the company unveiled a partnership with power grid company Swell Energy allowing Enphase products to be used in Swell’s power grid programs in California, New York and Hawaii.
Enphase said Swell’s virtual power plants will now be available to homeowners with Enphase systems that include IQ Batteries, giving households enhanced control over their energy use and costs.
“Swell’s programs make it even more compelling for homeowners to choose Enphase Energy Systems, so they can reliably and efficiently run their lives on clean energy, protect against grid outages, and better manage costs,” Enphase COO Dave Ranhoff said.
Evercore ISI analyst James West said the partnership builds “the path to a decentralized power grid,” according to Bloomberg.
Enphase shares surged last week after the company easily beat expectations for Q4 earnings and revenues.