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Enphase Energy, Inc. (ENPH Quick QuoteENPH - Free Report) recently revealed that the increased deployment of its Clipper Creek products has been witnessed lately in the United States as the region strives to promote electrification in the transportation system amid rising efforts to decarbonize the environment. This, in turn, provides an opportunity for the company to capitalize on the growing demand for the electric vehicle (“EV”) charging solution.

Enphase’s product portfolio of Clipper Creek EV chargers includes hardwired or plug-in options with flexible power configurations that work with any EV currently sold in North America.

With such an impressive product portfolio, ENPH intends to provide a platform that excels in easing the development of the EV segment in the United States amid the growing deployment of the EV charging infrastructure.

Moreover, going forward, EVs are anticipated to account for 30% of the cars on the road by 2050. In such a scenario, Enphase may witness more intensified demand for its Clipper Creek products as the electrification of the transportation system makes headway.

Additionally, Enphase plans to utilize its power conversion capabilities and software to integrate EV charging solutions into a single home energy management platform. Such strategies to enhance the reliability and efficiency of the platform may further solidify Enphase’s position in the EV market.

This, in turn, will boost ENPH’s revenue generation prospects from the Clipper Creek division, thus contributing to its overall performance.

Intensified apprehensions about CO2 emissions and significant investments in the EV segment by auto manufacturers have collectively provided a platform for the global EV market to expand in the near future.

Going forward, the global electric vehicle market is projected to expand at a CAGR of 21.7% over the 2022-2030 period, per reports from Markets and Markets. Such abounding growth prospects will not only benefit Enphase but also other solar majors who are expanding their EV portfolio ­–

SolarEdge Technologies’ (SEDG Quick QuoteSEDG - Free Report) EV-charging single-phase inverter enables homeowners to charge their EVs directly using solar energy, maximizing their solar usage, and thus reducing their electricity bills. Its customers also get the benefit to charge EVs up to 2.5 times faster than a standard EV charger through an innovative solar boost mode that utilizes the grid and photovoltaic charging simultaneously.

SolarEdge boasts a long-term earnings growth rate of 28.6%. The SEDG stock has risen 9.6% in the past year.

Similarly, Sunnova Energy International’s (NOVA Quick QuoteNOVA - Free Report) ChargePoint Home Flex is a 240 V, Level 2 EV charger, which is faster and smarter than standard wall plug chargers and can charge any EV. It offers the flexibility to charge EVs at home up to 9X faster than the standard wall plug in, delivering up to 50 amps of power.

The Zacks Consensus Estimate for Sunnova’s 2022 sales suggests a growth rate of a solid 79.6% from the prior-year reported figure. The NOVA stock has returned 63.7% in the past six months.

Likewise, SunPower (SPWR Quick QuoteSPWR - Free Report) recently joined forces with Wallbox, through which SunPower customers can opt to install a Wallbox home EV charger. Wallbox's Pulsar Plus chargers come with a standard J1772 EV plug and an app that will allow SunPower customers to schedule charging along with enabling power sharing for two or more chargers with adjustable current output. This, in turn, makes them a fit for all EV models.

The Zacks Consensus Estimate for SunPower’s 2022 earnings indicates a growth rate of a whopping 342.9% from the prior-year reported figure. The SPWR stock has provided returns of 13.1% to its investors in the past year.

In the past year, shares of Enphase Energy have rallied 61.6% compared with the industry’s growth of 4.9%.

Enphase Energy currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

SunPower Corporation (SPWR) - free report >>

Enphase Energy, Inc. (ENPH) - free report >>

SolarEdge Technologies, Inc. (SEDG) - free report >>

Sunnova Energy International Inc. (NOVA) - free report >>

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