Earnings Season Is Here. First Solar had strong earnings last quarter and the stock jumped after hours by over 10%. This comes on the heels of the analyst upgrade by Roth Capital. I’ll let PV-Magazine give you the breakdown of that earnings report because I spent time listening to what happened on the Enphase call. Today, we start with Generac earnings pre-market and SunPower and Sunnova reporting after market close. This will be SunPower’s inaugural report without the module business. Sunnova announced this week the addition of a former FERC commissioner to their board of directors and I expect lots of grid service talk on that call.
Enphase Reports. Before we talk about the dollars, I want to highlight the R&D excitement that often comes out on the Enphase calls. Badri, CEO of Enphase, broke script and gave some highlights of the IQ9 which will follow the IQ8 into the market, which isn’t shipping quite yet. The company hired 140+ engineers last quarter to focus on R&D. The company outperformed expectations in Q3, with $60million in free cash flow and improving international revenue by nearly 50%, making up 22% of the total revenue. Margins also exceeded forecasts. This is on the strength of their supply chain higher than their 8-10 week target inventory levels. I.e. a lot of product is hard to find right now but they are working on it. September had a 49% increase over June, the rebound you wanted to hear in this earnings call regarding the COVID situation and in line with what we’ve seen in finance documents and SolarWakeup market surveys. Some fun quotes from the call. A123 Systems was the supplier of batteries for the Encharge system (they are adding others), which also sounds sold out in Q4. A123 was the US based battery maker that went under and patents were acquired by Chinese investors.
Only $11 Trillion. BNEF is forecast the capital needed for the energy transition based on their energy outlook. That number is an $11 Trillion opportunity over the next 30 years and here’s the operator’s caveat. Uber was misvalued by early investors because they viewed the taxi market as too small to disrupt but now Uber’s revenue is multiples higher than that original market opportunity. Clean energy will also be multiples higher than this because the enterprise around the conversion of brown kWh to clean kWh will present market segments well beyond the replacement. Kara Swisher has bene saying for a year that the world’s first trillionaire will come from the fight against climate change.
CO Now OC. Thoughts are with our readers in Southern California, specifically Irvine area that are dealing with their wild fires and horribly strong winds.
Insider Blog Of The Day. Obama’s former senior advisor and communications direction, Dan Pfeiffer, writes about the oil gaffe or gift from Biden’s last debate. Dan is the highest level of politics, outside of our echo chamber, so it’s worthwhile to read his thoughts on this.
The Buyer’s Group Grows. We’re into our second month at the Buyer’s Group and we’ve added another top supplier to the product portfolio. REC modules are now available at an amazing pre-negotiated rate for buyer’s group members. Both Alpha and N-Peak products are on the list. You can get some price discovery for REC or other products on our members page.
- PV-Magazine: First Solar earnings – strong results, Q4 guidance reinstated and a 445 W module on the way
- Bloomberg: Green Power to Draw $11 Trillion Investment by 2050 – BNEF
- Greentech Media: How Utilities Can Avoid Being Financially Swamped by the Coal Closure Wave
- Utility Dive: Election 2020 – Trump’s FERC may need to shift course on clean energy, though Biden’s road will not be easy
- Solar Power World: Virginia charts the first carbon-free policy path in the South — solar’s role still TBD
- Axios: 92,000 people told to evacuate from fires in Southern California
- Reuters: Xi’s carbon neutrality vow to reshape China’s five-year plan
- Vox: The absurd controversy over Joe Biden’s “transition away from the oil industry”
Opinion
Best, Yann
The post This is your SolarWakeup for October 28th, 2020 appeared first on SolarWakeup.com.
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