We are a global energy technology company, delivering smart, easy-to-use solutions that connect solar generation, storage and communications management on one intelligent platform. We revolutionized solar with our microinverter technology and produce the world's only truly integrated solar-plus-storage solution. We have shipped more than 19 million microinverters, representing over 4 gigawatts of solar photovoltaic ("PV") generating capacity, and more than 855,000 Enphase residential and commercial systems have been deployed in over 125 countries.
We were incorporated as PVI Solutions, Inc. in March 2006 in the State of Delaware and changed our name to Enphase Energy, Inc. in July 2007.
On August 9, 2018, we completed the purchase of assets primarily relating to SunPower Corporation's ("SunPower") microinverter business. We acquired intellectual property, technology and other assets primarily relating to the microinverter business and assumed certain intellectual property and customer relationships for the following consideration: (i) $25 million payable in cash; and (ii) 7.5 million shares of our common stock issued to SunPower at closing. In addition, we and SunPower entered into (i) a Master Supply Agreement ("MSA") under which SunPower is obligated to exclusively procure module level power electronics and related equipment for use in the United States ("U.S.") residential market from us for a period of five years and (ii) a stockholders agreement to establish certain SunPower rights and obligations related to the shares issued, including SunPower's right to appoint one person to our board of directors, certain additional transfer restrictions on the shares, and voting, standstill and other undertakings by SunPower.