10 Best Alternative Fuel Stocks To Buy According to Hedge Funds

6. Enphase Energy, Inc. (NASDAQ:ENPH)

Number of Hedge Fund Holders: 38

Enphase Energy, Inc. (NASDAQ:ENPH) is a prominent global energy technology company specializing in the design, manufacture, and sale of home energy solutions. The company’s products include solar microinverters, home energy storage systems, and energy management software. The company serves both residential and commercial clients and is known for its user-friendly and high-performance solar technology.

Enphase Energy, Inc. (NASDAQ:ENPH) is aggressively expanding its product portfolio and market presence. In the US, the company is leveraging the benefits of the Inflation Reduction Act (IRA) by increasing domestic content in its products which qualify for a 10% domestic content ITC. The company is also ramping up production at its US contract manufacturing facilities, aiming to ship 1.3 million microinverters in Q4. Additionally, Enphase Energy, Inc. (NASDAQ:ENPH) is introducing new products such as the commercial IQ8P-3P microinverters and residential IQ8X microinverters, which are designed to meet the specific needs of small commercial and residential markets, respectively. These products are expected to drive growth in both the US and international markets.

In Europe, Enphase Energy, Inc. (NASDAQ:ENPH) is launching several new products, including the three-phase battery backup solution for Germany, Austria, and Switzerland, which has received positive feedback and is expected to address the growing demand for backup power in these regions. The IQ Balcony Solar product targets a 400-megawatt market in Germany and aligns with the company’s strategy to capture niche markets with high growth potential.