® We shipped 351.6 megawatt hours of IQ Batteries “The IQ Battery 5P has a modularity In May 2023, we introduced our third-generation IQ Battery 5P, which has during the year of 5 kWh and delivers the best been well-received by installers. The IQ Battery 5P has a modularity of 5 kWh power specs and commissioning and delivers the best power specs and commissioning times of any Enphase Enphase IQ Batteries are microinverter-based storage systems built on our times of any Enphase battery to battery to date, at an industry-leading 15-year warranty. By the end of 2023, Ensemble™ energy management technology. At the close of 2023, we were date, at an industry-leading 15-year we were shipping the IQ Battery 5P to customers in the United States, Puerto shipping our IQ Batteries to customers across North America, Belgium, warranty.” Rico, Australia, and the United Kingdom. We also launched this battery into Germany, Austria, France, the Netherlands, Switzerland, Spain, Portugal, Italy during the fourth quarter of 2023 and expect to start shipping to more Sweden, Denmark, Greece, the United Kingdom, and Australia. countries in 2024. Battery adoption rates are on the rise globally, and we believe we are well-positioned to grow our battery sales in 2024. “At the close of 2023, we were Our IQ Batteries are AC-coupled and feature safe Lithium Iron Phosphate We continued to partner with aggregators and utilities to enable grid services shipping our IQ Batteries to (LFP) chemistry, low voltage DC operation, modularity in 3.3 kWh or 5 during 2023. Grid services help utility companies avoid using electricity from customers across North America, kWh units, and air cooling. The microinverter architecture of the batteries expensive, polluting power plants when electricity demand is high. In return, Belgium, Germany, Austria, France, improves serviceability and redundancy. The AC architecture enhances homeowners in certain locations can receive hundreds to thousands of dollars the Netherlands, Switzerland, self-consumption by allowing solar and storage to collectively power home from the utilities towards the purchase of IQ Batteries or as annual incentive Spain, Portugal, Sweden, Denmark, loads. The IQ® Load Controller gives homeowners the ability to choose which Greece, the United Kingdom, and appliances to power during a grid outage, with the ability to shed up to four payments. Australia.” loads. Storage battery Low-voltage DC Enphase IQ Batteries have lithium iron phosphate (LFP) chemistry for maximum safety Grid services events can be managed by homeowners from the Enphase App 14 ENPHASE CEO LETTER TO SHAREHOLDERS 2023 15