Fremont-based Enphase Energy Inc. said it will acquire ClipperCreek, an Auburn-based company that is a major manufacturer and supplier of electric vehicle equipment and charging stations.
ClipperCreek has been in the electric vehicle charging business since 2006, and has sold more than 110,000 Level 2 charging stations.
“We were immediately drawn to ClipperCreek’s strong consumer brand, excellent product quality and emphasis on customer experience,” said Enphase CEO Badri Kothandaraman, in a news release.
Enphase (Nasdaq: ENPH) is a global supplier of micro-inverter-based solar photovoltaic and battery systems. It has a market capitalization of $34.4 billion.
Terms of the deal were not released, and neither company immediately responded to calls or emails from the Business Journal seeking comment.
“The EV industry has reached a tipping point, as consumers are demanding cleaner ways of getting around other than from cars with internal combustion engines,” said Jason France, founder and CEO of ClipperCreek, in a news release.
The acquisition gives ClipperCreek access to a global network of distributors and installers. Enphase said the acquisition extends its own reach into home electrification by leveraging its power conversion and software platform to manage loads and resources within the home. Enphase said households will consume significantly more power with an EV, but also have a large battery that can be used for both backup and grid services.
Zacks Investment Research noted that the Biden administration has allotted $174 billion in government spending to EVs while the Senate infrastructure bill has allotted $7.5 billion for EV-charging stations. More governments around the world are encouraging EV adoption, and last year, Gov. Gavin Newsom signed an executive order that mandates all new passenger cars and trucks sold in California be zero-emission vehicles by 2035.
The acquisition is subject to regulatory approvals and is expected to close by the end of the year.
