SolarEdge Technologies, Inc. SEDG recently unveiled two offerings from its product portfolio at Intersolar Europe — a Commercial Storage System (“CSS”) and an Electric Vehicle (“EV”) charger — thereby strengthening its position in Europe’s solar market. The company’s brand-new Bi-Directional DC EV charger and newly launched CSS are likely to be market ready by the second half of 2024.
SolarEdge’s extremely-efficient DC-coupled CSS battery storage product boasts a battery capacity of 58 kilowatt-hours (KWh) and is intended for small to medium commercial PV installations. With the capability to provide as much as 460 KWh of storage capacity, CSS has been designed to synchronize with SolarEdge’s Energy Management ecosystem, thus offering better control to customers over energy needs and management. 48v 24ah Lifepo4 Battery
Meanwhile, its Bi-Directional DC-Coupled EV Charger has been tailored to provide charging of up to 24 kilowatts (KW), with the capability to charge from all three sources — solar, home battery and AC grid — at the same time. SEDG’s charger has been devised as a home energy storage device to provide homeowners with energy backup of up to 50 KWh during prolonged power outages, thus delivering dual benefits for homeowners.
Such product launches by the company are likely to strengthen its customer base while boosting its presence in the lucrative global solar market. This will bolster SolarEdge’s revenue generation prospects.
The solar market offers a compelling growth trajectory globally for solar companies. Per the report from Mordor Intelligence, the global solar energy market is poised to witness a CAGR of 12.7% over the 2023-2028 period.
This translates to bright prospects for solar companies like SEDG, which appear to have been utilizing favorable projections in a strategic way by enhancing their product portfolio that boasts innovative technology, like the latest launches by SolarEdge.
To stay at the forefront of the solar industry with impressive products that boast the latest technology to address customer requirements, prominent solar players like Enphase Energy ENPH, Canadian Solar CSIQ and SunPower SPWR have already launched or have plans to introduce new products.
Enphase Energy introduced the IQ Energy Router family of devices in Germany and Austria in June 2023. IQ Energy Router is a new energy management solution offered by Enphase for homeowners to integrate EV chargers and heat pumps into its solar and battery systems.
The Zacks Consensus Estimate for Enphase’s 2023 earnings suggests a growth rate of 20.6% from the prior-year reported figure. Shares of ENPH have climbed 10.4% in the past month.
In September 2022, Canadian Solar’sarm, CSI Energy Storage, launched SolBank, a proprietary designed and manufactured energy storage battery solution for utility-scale applications.
The Zacks Consensus Estimate for Canadian Solar’s 2023 sales suggests a growth rate of 24.4% from the prior-year reported figure. Shares of CSIQ have rallied 34.9% in the past year.
In September 2022,SunPower announced a product line extension in the battery-storage segment of its business. The company strategically expanded its product portfolio by introducing 19.5 kWh and 39 kWh SunVault battery-storage products.
The Zacks Consensus Estimate for SunPower’s 2023 sales suggests an uptick of 19.6% from the prior-year reported figure. SPWR shares have increased 8.7% in the past month.
In the past three months, shares of SolarEdge have increased 1.6% compared with the industry’s 0.8% growth.
Image Source: Zacks Investment Research
SolarEdge currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Canadian Solar Inc. (CSIQ) : Free Stock Analysis Report
SunPower Corporation (SPWR) : Free Stock Analysis Report
Enphase Energy, Inc. (ENPH) : Free Stock Analysis Report
SolarEdge Technologies, Inc. (SEDG) : Free Stock Analysis Report
48v 40ah Lifepo4 Battery To read this article on Zacks.com click here.