The adoption of EVs is growing rapidly worldwide, especially in Europe and the We have also demonstrated bi-directional EV charging and its integration United States. EV adoption will nearly double the electricity consumption of into our Ensemble technology. Using the same proven bi-directional inverter a typical home, since 80% of charging takes place at home. The charging of technology for solar and batteries, we created an IQ Smart EV charger that EVs will require more solar and storage because in many geographies, the grid can both charge and discharge an EV based on CHArge de MOve (CHAdeMO) does not have the capacity to serve the increased demand this presents; we and the Combined Charging Standard (CCS) protocol. We demonstrated estimate that each EV requires an additional 10-15 kWh of stationary storage the vehicle-to-home (V2H) use case, where the vehicle is providing power and around 2-3 kWp of solar. to a home while the utility grid is down, and the vehicle-to-grid (V2G) use case where the vehicle is discharging and providing power back to the home “EV adoption will nearly double We acquired ClipperCreek in 2021 and entered the EV charging market with a for self-consumption or exporting to the utility grid to earn incentives. We the electricity consumption of brand that stands for quality and service. In 2023, we introduced the IQ Smart continue to collaborate with car makers to ensure interoperability and plan a typical home, since 80% of EV charger into the United States and Canada, with plans to follow in Europe to make the product available to the market in 2025 when more vehicles charging takes place at home.” during 2024. This charger features internet connectivity and is integrated with bi-directional capability are released. seamlessly into the Enphase home energy system, enabling use cases such as green charging, which means charging the EV only using clean energy. This charger also allows homeowners to view EV charging, solar, and batteries all in the Enphase App. The IQ Smart EV charger provides cost savings for homeowners, avoiding taking energy from the grid when utility tari rates are high, such as NEM 3.0 in California. The IQ Smart EV charger integrates seamlessly into the Enphase home energy system Enphase bi-directional EV chargers enables EVs to provide power to a home during an outage 28 ENPHASE CEO LETTER TO SHAREHOLDERS 2023 29