This article is excerpted from a letter by Michael Huber, portfolio manager at Lavien Group, based in New York.
Enphase Energy, Inc. (ENPH, Fremont CA) is a premium provider of microinverters for the residential solar market. It provides a suite of products that enable deployments of sophisticated residential solar panel installations that allow consumers to manage their electricity consumption and generation, shave usage to avoid peak utility charge periods, store electricity for use during dark periods and enable off grid solar activity.
Enphase makes microinverters, the critical device that converts solar power generated as direct current (“DC”) to the alternating current (“AC”) used by common commercial and consumer devices. Enphase’s products are primarily sold in the residential market as a part of the solar energy value chain that includes solar panels, the inverter (or microinverter), the bill of materials to physically install and support the solar photo-voltaic system, and the dealer installers that sell, install and execute the implementation of the system.
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About The Author: Michael Huber
Michael Huber is the Founder of Lavien Group, which manages investments in a concentrated portfolio of companies that have a demonstrated record of long-term value creation, a culture of innovation and significant insider ownership. Mr. Huber is also Managing Principal at Quadrangle Group, a private equity investment firm, which he joined in 2000. Mr. Huber has eighteen years of private equity investing experience in addition to his six-year record as a public equity fund investor. Mr. Huber has served on numerous public and private corporate boards of directors, including those of Cequel Communications, Get AS, Hargray Holdings, Tower Vision and West Corporation. Mr. Huber was previously an investment banker at Lazard Frères & Co. and Donaldson, Lufkin & Jenrette, and began his career in the telecommunications industry. He received a B.A., magna cum laude, in mathematics from Macalester College, where he was a member of Phi Beta Kappa, and an M.B.A. from the Sloan School of Management at MIT. Mr. Huber was also awarded a Rotary Foundation scholarship to study economics at Universidad Complutense de Madrid. Mr. Huber is a member of the Board of Trustees of Macalester College and is also a member of YPO. He is married with two children and resides in New York City.
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