Enphase IPO Hits Market

Petaluma-based Enphase Energy, which develops microinverters for the solar power market, hit the market this morning, selling 9 million shares of its stock at $6 per share. The firm priced last night below its initial estimated trading range of $10.00 and $12.00 per share. Enphase makes microinverters, which are attached to photovoltaic solar panels to convert the DC energy generated from those panels into AC power; the firm's products are an alternative to more traditional solar inverters, which require more extensive cabling and are more sensitive to shady conditions. Enphase was venture backed by Third Point, RockPort Capital Partners, Madrone Partners, Kleiner Perkins Caufield & Byers, Applied Ventures, and Bay Partners.