Enphase Energy Announces Development of IQ Solid-State Transformer for AI Data Centers

Enphase Energy (NASDAQ: ENPH) announced the IQ® Solid-State Transformer (IQ SST), a distributed, semiconductor- and software-defined power platform for 800 VDC (±400 VDC) AI data center racks.

Rhea-AI Summary

Enphase Energy (NASDAQ: ENPH) announced the IQ® Solid-State Transformer (IQ SST), a distributed, semiconductor- and software-defined power platform for 800 VDC (±400 VDC) AI data center racks.

The 1.25 MW rack combines 342 power modules, targets 98.5% efficiency and 99.999% availability, requires no internal batteries, and aims for U.S. addressable opportunity >11 GW by 2031. Demos are expected late 2026, pilots in 2027, and volume shipments in 2028.

Positive

• Target efficiency of 98.5%
• Designed availability of 99.999%
• 1.25 MW rack combining 342 power modules
• U.S. initial addressable opportunity > 11 GW by 2031
• Manufacturing on existing automated platform with 87.8M microinverter production experience
• Domestic supply chain option for high-volume components

Negative

• Full system demos planned late 2026, pilots in 2027, volume shipments in 2028

Argus Apr 29 session

-9.07% close to close Open Argus

Details

News Market Reaction – ENPH

On Apr 29, the first trading day after this news, ENPH closed 9.07% below the previous close.

Data tracked by StockTitan Argus for the Apr 29 session.

Key Figures

Rack power rating: 1.25 MW per IQ SST rack Power modules per rack: 342 modules Conversion efficiency: 98.5% +5 more

Rack power rating

1.25 MW per IQ SST rack

Design capacity of each IQ Solid-State Transformer rack

Power modules per rack

342 modules

Number of coordinated power modules in each IQ SST rack

Conversion efficiency

98.5%

Expected efficiency of the IQ SST system

System availability

99.999%

Target availability with built-in redundancy

Redundancy threshold

90% modules needed

System designed to operate with only 90% of modules participating

Input voltage classes

35 kV and 15 kV

Medium-voltage AC interconnection classes supported

Microinverters shipped

87.8 million units

Cumulative microinverters shipped on the same automated platform

AI SST opportunity

11 GW by 2031

Initial annual U.S. addressable IQ SST opportunity in AI data centers

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Key Terms

solid-state transformer, uninterruptible power supply (ups), gallium nitride (gan), microinverter, +3 more

7 terms

solid-state transformer technical

"announced the development of the IQ® Solid-State Transformer (IQ® SST)"

A solid-state transformer is an electrical device that performs the same job as a traditional transformer—changing voltage and isolating circuits—but does so with fast-switching electronics instead of large coils of wire and oil-filled tanks. It can be smaller, more efficient, provide finer control over how power is delivered or routed, and enable features like two-way power flow and built-in monitoring. For investors, that means companies making or deploying them could benefit from spending on grid upgrades, electric vehicle charging, renewable integration, and smarter infrastructure, similar to how upgrading from a mechanical gearbox to a digital controller unlocks new capabilities.

uninterruptible power supply (ups) technical

"eliminate the need for rack-level battery sidecars and traditional uninterruptible power supply (UPS)"

An uninterruptible power supply (UPS) is a device that provides immediate backup power and surge protection to electronic systems when the main electricity supply fails or fluctuates. For investors it matters because a UPS helps prevent costly downtime, data loss, damaged equipment and business disruption—think of it as a short-term battery or emergency parachute that keeps critical operations like trading platforms, servers and medical equipment running long enough to switch to a safe shutdown or secondary power source.

gallium nitride (gan) technical

"The power module will use gallium nitride (GaN) power-switching technology"

Gallium nitride (GaN) is a durable semiconductor material used to build electronic components that switch power and radio signals faster and with less energy loss than older silicon parts. Think of it as a more efficient, high-performance engine that lets devices be smaller, run cooler, and handle higher voltages; investors watch GaN adoption because it can lower manufacturing and operating costs, enable new products, and shift competitive advantage and profit margins across chipmakers and equipment makers.

microinverter technical

"derived from Enphase’s microinverter platform, now in its ninth generation"

A microinverter is a small device attached to an individual solar panel that converts the panel’s direct electrical output into the alternating electricity used in homes and the grid. Like giving each panel its own power adapter instead of one big converter for a whole rooftop, microinverters can improve overall system output, ease troubleshooting and panel-level monitoring, and reduce single points of failure—factors that affect installation costs, long-term performance and investor returns in solar projects.

asic technical

"fifth-generation control ASIC (“Kestrel”), a custom 22-nanometer chip"

ASIC is Australia’s corporate, markets and financial services regulator that enforces rules for companies, financial advisers and market operators; think of it as the referee and rulebook keeper for financial activity. It matters to investors because ASIC’s oversight, investigations and enforcement actions affect company credibility, legal risk and market fairness—actions that can change stock prices, investor confidence and the safety of financial products.

medium-voltage ac technical

"will convert medium-voltage AC, including 35 kV and 15 kV"

Medium-voltage AC is alternating current delivered at voltages between roughly 1,000 and 35,000 volts, sitting between the low-voltage power used in homes and the very high-voltage lines that carry bulk power long distances. For investors, it matters because equipment, installation costs, safety rules and maintenance needs change at this scale—think of it like the difference between local streets and regional highways, where scale and regulations drive capital and operating expenses.

dc power technical

"directly into regulated DC power in a single conversion stage"

DC power is electric power where the electric current flows in one steady direction, like a constant stream of water, and is what batteries, many electronics, electric vehicles and energy storage systems use. Investors care because shifts toward DC-based systems affect product demand, manufacturing needs, efficiency, operating costs, compatibility and regulatory compliance—factors that influence a company’s revenue potential, capital spending and long-term competitiveness.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Distributed, semiconductor- and software-defined power platform brings Enphase’s proven system architecture to 800 VDC (±400 VDC) data center infrastructure

FREMONT, Calif., April 28, 2026 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company, today announced the development of the IQ^® Solid-State Transformer (IQ^® SST), a distributed solid-state transformer platform purpose-built for AI data centers as the industry moves toward higher-density DC power architectures.

IQ SST is designed to replace traditional centralized power conversion with a distributed “supercluster” architecture. Each 1.25 MW IQ SST rack will combine 342 intelligent, semiconductor- and software-defined power modules operating in a coordinated series/parallel configuration. The system is expected to deliver 98.5% efficiency and 99.999% availability through built-in redundancy, enabling continued operation with only 90% of the power modules participating.

The IQ SST platform is designed without internal batteries and is intended to reduce or eliminate the need for rack-level battery sidecars and traditional uninterruptible power supply (UPS) systems in supported data center configurations. For data center operators, that means less power infrastructure, less floor space consumed by electrical equipment, and more space available for GPUs. In an industry where power density and floor space are increasingly constrained, returning space to compute infrastructure can be a meaningful economic advantage. Read the supporting presentation to learn more.

“AI is changing how power must be delivered to compute infrastructure,” said Badri Kothandaraman, president and CEO of Enphase Energy. “For two decades, Enphase has built distributed, semiconductor- and software-defined power conversion systems at scale. As AI racks move toward 800 VDC (±400 VDC) architectures and megawatt-scale densities, we believe that distributed architecture is well suited to this transition, and it is what we are building.”

AI workloads are pushing data center rack power from hundreds of kilowatts toward megawatt-scale densities, with loads that can swing from idle to full power and back several times per second. Legacy 48 VDC and multi-stage conversion architectures were not designed for this level of density, speed, or efficiency. IQ SST will convert medium-voltage AC, including 35 kV and 15 kV interconnection classes, directly into regulated DC power in a single conversion stage. The platform is designed to support both 800 VDC and ±400 VDC rack configurations defined by emerging AI data center standards, with sub-millisecond response to dynamic AI loads.

The IQ SST power module is derived from Enphase’s microinverter platform, now in its ninth generation. At the heart of every unit is Enphase’s fifth-generation control ASIC (“Kestrel”), a custom 22-nanometer chip designed to enable fast, coordinated response across hundreds of distributed power modules. The power module will use gallium nitride (GaN) power-switching technology proven in Enphase’s IQ9™ Microinverters. GaN enables fast, compact, and highly efficient power conversion at the power module level, while Enphase’s distributed architecture and proprietary controls coordinate hundreds of power modules into a single megawatt-scale power platform.

Enphase expects to manufacture IQ SST on the same automated platform it has used to ship approximately 87.8 million microinverters. IQ SST power modules are designed to be built from standard high-volume semiconductor components and supplied from manufacturing facilities in the United States, leveraging Enphase’s existing diversified supply chain. This gives customers a domestic alternative to offshore, custom-built power systems.

“When we started Enphase twenty years ago, we made a founding bet that distributed architectures would outperform centralized architectures in power electronics,” said Raghu Belur, co-founder and chief product officer at Enphase Energy. “We proved it in solar. We are proving it again with batteries. Now we are bringing that same conviction to AI power. A single-stage, semiconductor- and software-defined, distributed design is how we intend to deliver the performance, reliability, and economics that AI data centers need. Everything we have built over the last two decades has led to this moment.”

Enphase expects the initial annual U.S. addressable opportunity for IQ SST in AI data centers to exceed 11 GW by 2031. AI data centers are the first target application for the platform, driven by increasing rack power densities, faster-changing AI workloads, and the industry’s move toward 800 VDC and ±400 VDC power architectures. Over time, Enphase sees a path to extend the same distributed, semiconductor- and software-defined power conversion architecture into larger adjacent high-power markets. Full system demonstrations of the IQ SST platform are expected late this year, with customer pilots in 2027 and volume shipments expected in 2028.

To learn more about the Enphase solid-state transformer solution, visit the Enphase website.

About Enphase Energy, Inc.

Enphase Energy, a global energy technology company based in Fremont, CA, is the world's leading supplier of microinverter-based solar and battery systems, EV chargers, home energy management systems, and virtual power plant (VPP) solutions. Enphase products enable people to harness the sun to make, use, save, and sell their own power, all controlled through the Enphase App. The company revolutionized the solar industry with its microinverter-based technology and has shipped approximately 87.8 million microinverters, with more than 5.2 million Enphase-based systems deployed in over 165 countries. For more information, visit https://enphase.com/.

©2026 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, and certain other marks listed at https://enphase.com/trademark-usage-guidelines are trademarks or service marks of Enphase Energy, Inc. Other names are for informational purposes and may be trademarks of their respective owners.

Forward-Looking Statements

This press release may contain forward-looking statements, including statements related to the expected capabilities, features, architecture, functionality, benefits, reliability and performance of the IQ Solid-State Transformer (IQ SST), including its expected power output, conversion efficiency, response time, system availability, redundancy, and ability to reduce or eliminate rack-level battery sidecars and traditional UPS systems; Enphase Energy’s expectations regarding the suitability of IQ SST for AI data centers and other large adjacent power markets; expectations regarding the timing of initial full system demonstrations, customer pilots, and volume shipments of the IQ SST; expectations regarding the scalability of Enphase’s manufacturing platform and supply chain for IQ SST, including U.S.-based final assembly and sourcing; and Enphase Energy’s views on the size and growth of the addressable market for solid-state transformer-based systems. These forward-looking statements are based on Enphase Energy’s current expectations and assumptions and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties. Such risks include, but are not limited to, technological development and validation risks; the ability to achieve targeted performance, efficiency, and availability metrics at scale; customer acceptance and adoption of new power architectures; changes in AI data center design standards and infrastructure requirements; market demand; competitive dynamics; supply chain availability and costs; regulatory and interconnection requirements; execution risks related to new market entry; and other factors discussed in Enphase Energy’s filings with the Securities and Exchange Commission, including those risks described in more detail in Enphase Energy’s most recently filed Annual Report on Form 10 K and other filings made from time to time with the Securities and Exchange Commission. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events, or changes in its expectations, except as required by law.

Contact:

Enphase Energy
press@enphaseenergy.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the Enphase IQ SST and how does it serve AI data centers (ENPH)?

The IQ SST is a distributed solid-state transformer platform for 800 VDC (±400 VDC) AI racks. According to Enphase, it converts medium-voltage AC to regulated DC in a single stage using 342 coordinated power modules per 1.25 MW rack.

What efficiency and availability does Enphase claim for IQ SST (ENPH)?

Enphase targets 98.5% efficiency and 99.999% availability for IQ SST. According to Enphase, built-in redundancy lets the system operate with only 90% of modules participating while maintaining availability.

When will Enphase demonstrate and ship IQ SST products (ENPH)?

Full system demonstrations are expected late 2026, with customer pilots in 2027 and volume shipments in 2028. According to Enphase, this is the stated timeline for demonstrations, pilots, and commercial supply.

What is the U.S. market opportunity Enphase cites for IQ SST (ENPH)?

Enphase expects the initial U.S. addressable opportunity to exceed 11 GW by 2031. According to Enphase, AI data centers are the first target application driving that estimated opportunity.

Does IQ SST include internal batteries or replace UPS systems (ENPH)?

IQ SST is designed without internal batteries and is intended to reduce rack-level battery sidecars and traditional UPS systems. According to Enphase, the platform aims to free floor space for compute rather than battery infrastructure.

What semiconductor and manufacturing technologies power Enphase's IQ SST (ENPH)?

IQ SST power modules use GaN switching and Enphase’s fifth-generation control ASIC called Kestrel. According to Enphase, modules will be manufactured on its existing automated platform leveraging high-volume component supply.