SolarWorld AG (SRWRY.PK,SRWRF.PK) Wednesday announced that it has signed a global strategic partnership agreement with Enphase Energy (ENPH), a provider of microinverters, under which they will share market channels and develop products together.
Microinverters are devices that convert direct electrical current to alternating current to enable most applications of solar electric power.
SolarWorld said it has formalized Enphase as its supplier of microinverter systems for its custom-engineered system solutions in the U.S. market as well as expanded this partnership across both companies' worldwide distribution networks.
The two companies also have agreed to engage in close collaboration in developing new solar technologies and products.
"The global partnership between SolarWorld and Enphase - two companies renowned for quality, reliability and technological advancement- is more than a supply agreement," said Mukesh Dulani, U.S. president of SolarWorld. "It is a true collaboration between industry leaders that will expand global solar markets and spur development of new solar technologies."
Jeff Loebbaka of Enphase said, "Enphase has worked closely with SolarWorld for several years, and the companies have built a strong, growing business together in collaboration with SolarWorld's extensive U.S. channels. This new agreement promises to open new regional market and product opportunities around the world for both companies."
In Germany, SolarWorld shares are currently trading at 14.62 euros, up 1.56 percent.
In the pre-market activity on Nasdaq, Enphase are are gaining 2.80 percent to $11.40.
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