What happened
Shares of solar microinverter-maker -- and now a maker of battery storage for solar power systems, too -- Enphase Energy (ENPH +3.39%) stock jumped 4% in 1:20 p.m. EDT trading Monday.
It's the company's newest business division -- batteries -- that is making headlines today.
Image source: Getty Images.
So what
As the "world's leading supplier of microinverter-based solar and battery systems," Enphase announced this morning that it has expanded its battery business beyond its current markets of North America and Germany this month. Enphase has begun shipping Encharge battery storage systems to Belgium as well.
In its press release, Enphase described Belgium as "a fast-growing solar market in Europe" and said it expects to receive "a warm reception for [its] all-in-one solution," which incorporates IQ 7 microinverters to translate direct current electricity into alternating current that can be used in customer homes. Enphase batteries are warranted for 10 years of use and can store as much as 42 kWh of power.
Now what
That's enough charge to power most homes for more than a day, and Enphase's announcement appears to be enough good news to power the stock higher today.
Longer term, though, the stock still looks expensive at a valuation of 22 times trailing sales and more than 130 times trailing earnings. With Enphase stock up 50% this year, discretion may be the better part of value here, and investors might consider taking advantage of today's stock price rise to cash in some chips.
