Our technology Enphase was founded on the deep-rooted belief that an AC-coupled distributed architecture will always win in the long run on cost, safety and reliability. To build products based on this architecture, we have developed core competencies in semiconductor- based power conversion, software-de昀椀ned Internet of Things (IoT) systems, and an energy management platform. The microinverter, along with our battery, system controller, and cloud software form a true IoT system. Our Energy System manages energy 昀氀ows between the various distributed energy resources (DERs), the utility grid, and home loads, all with the aim of delivering the most reliable solution at the lowest available energy cost. “The microinverter, along with The Enphase Energy System brings a high technology, networked approach to solar our battery, system controller, generation plus energy storage by leveraging our design expertise across power electronics, and cloud software form a true semiconductors, and cloud-based software technologies. It uses a single technology IoT system.” platform for seamless management of the whole solution, enabling rapid commissioning with the Enphase® ® Installer App; consumption monitoring with the IQ Gateway or IQ® Combiner and the Enphase App, a cloud-based energy management platform; and our IQBattery. The Enphase Energy System has become more sophisticated with the addition of devices such as batteries, EV chargers and heat pumps. In addition, utility tari昀昀s which historically were 昀椀xed rates, are becoming more complex with time of-use rates, NEM 3.0, demand charges, and dynamic tari昀昀s. Our home energy management software (HEMS) is evolving to manage this complexity by leveraging arti昀椀cial intelligence (AI) and machine learning (ML) for forecasting and optimization. The increasing penetration of EVs has implications for home energy management, as households not only consume signi昀椀cantly more power with an EV, but also have a large battery that can be used for both backup and grid service. Our smart IQ EV chargers are compatible with most EVs sold in North America. We are working on a smart IQ EV charger for many countries in Europe that we expect to introduce in 2024. We are also working on bidirectional EV charger technology enabling vehicle-to-home and vehicle-to-grid functionality. This new bidirectional EV charger, along with Enphase’s solar and battery storage, will provide connectivity and control, enabling use cases like green charging. It will allow homeowners visibility into the operation of their Enphase solar-plus- battery-plus-EV charger systems through the Enphase App. We expect to introduce this new bi-directional EV charger in 2025. 12