ENPH · Enphase Energy, Inc.

On June 15, 2026, Enphase Energy entered into a Tax Credit Transfer Agreement with a leading financial institution to sell up to $150 million of advanced manufacturing production tax credits generated under Section 45X of the Internal Revenue Code. The purchase price is up to $139.5 million, payable in four installments during 2026 and 2027. Each payment is subject to customary conditions precedent, including absence of default and accuracy of representations and warranties. The agreement includes standard covenants, indemnification, and termination provisions. This transaction allows Enphase to monetize tax credits from its U.S. production of eligible components, providing immediate cash flow to support operations and growth. The sale underscores Enphase's ability to generate significant tax credits under the Inflation Reduction Act and leverage them for liquidity.