Enphase Energy Inc., the California-based solar technology company, is making Australia the first market for its new home energy storage systems and is looking at countries including the U.K. and France next.
The company plans to sell the products, which combine solar power, storage and energy management technologies, in Australia in the second quarter of 2016, Chief Executive Officer Paul Nahi said in an interview in Sydney. Enphase said on Oct. 6 that it’s joining with SA Power Networks in South Australia and Genesis Energy Ltd. in New Zealand to test the systems.
Enphase expects Asia-Pacific to become a “multi-hundred-million-dollar-a-year” market for the company in the coming years and aims to get half of its revenue from outside the U.S., according to Nahi. Tesla Motors Inc. and Panasonic Corp. are among companies jumping into an Australian storage market that Morgan Stanley estimates could be worth A$24 billion ($17 billion) after a surge in the use of solar power in the country.
“The fact that Australia is leading the global charge for storage has really reinforced our decision to invest heavily in this area,” Nahi said.
©2015 Bloomberg News
Lead image: Rooftop solar panels in Sydney, Australia. Credit: Shutterstock.