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 soared as much as 24 percent Wednesday to $3.45 after the company reported its first quarterly profit on an adjusted basis since 2015.