Enphase Energy +11% as private offering raises $20M

|About: Enphase Energy Inc. (ENPH)|By:, SA News Editor

Enphase Energy (NASDAQ:ENPH) +11% after agreeing to issue and sell ~9.5M common shares at $2.10/share to a Chilean investor for ~$20M in gross proceeds in exchange for a seat on the company's board.

CEO Badri Kothandaraman says ENPH is making “solid progress towards achieving our target 30-20-10 financial operation model" by Q4 2018.

ENPH expects the additional liquidity provided by the investment "will significantly strengthen our balance sheet and enable us to accelerate cost reductions and increase market share."

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