(Bloomberg) -- Enphase Energy Inc. doesn't make solar panels, but it's still seeking an exemption from tariffs imposed by President Donald Trump.
That's because the Petaluma, California-based company makes components in the U.S. called microinverters that convert energy produced by photovoltaic panels from direct to alternating current. The problem is Enphase ships these mobile-phone sized devices to manufacturers in Asia to attach to panels before they're sold in the U.S. That makes them subject to duties, and that's why Enphase hired a lobbyist this month.
Enphase joins SunPower Corp., the second-largest U.S. panel maker, in pleading for an exception to the 30 percent tariff. First Solar Inc., the largest U.S. panel-manufacturer, is already exempt because it's thin-film technology differs from the material used by most companies in Asia.
Enphase soared as much as 24 percent Wednesday to $3.45 after the company reported its first quarterly profit on an adjusted basis since 2015.
To contact the reporter on this story: Christopher Martin in New York at cmartin11@bloomberg.net.
To contact the editors responsible for this story: Lynn Doan at ldoan6@bloomberg.net, Joe Ryan, Will Wade
©2018 Bloomberg L.P.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
