Enphase Energy Prices Initial Public Offering

Enphase Energy, Inc., (NASDAQ:ENPH) today announced the pricing of its
initial public offering of 8,969,697 shares of common stock at a price
to the public of $6.00 per share. All of the shares of common stock in
the offering are being offered directly by Enphase. In addition, Enphase
has granted the underwriters a 30-day option to purchase up to an
additional 1,345,454 shares of common stock, solely to cover
over-allotments, if any.

Morgan Stanley Co. LLC, BofA Merrill Lynch and Deutsche Bank
Securities Inc. are acting as joint book-running managers for the
offering. Jefferies Company, Inc. is acting as joint lead manager, and
Lazard Capital Markets LLC and ThinkEquity LLC are acting as
co-managers. The shares are expected to begin trading on the NASDAQ
Global Market on March 30, 2012 under the ticker symbol “ENPH.”

The offering of these securities will be made only by means of a written
prospectus, copies of which may be obtained from: Morgan Stanley Co.
LLC at 180 Varick Street, 2nd Floor, New York, New York
10014, Attention: Prospectus Department, by calling (866) 718-1649 or by
e-mailing [email protected];
BofA Merrill Lynch at 4 Financial World Center, New York, New York
10080, Attention: Prospectus Department or by e-mailing [email protected];
or Deutsche Bank Securities Inc. at 100 Plaza One, Jersey City, New
Jersey 07311, Attention: Prospectus Department, by calling (800)
503-4611 or by e-mailing [email protected].

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.

About Enphase Energy, Inc.

Enphase Energy delivers microinverter technology for the solar industry
that increases energy production, simplifies design and installation,
improves system uptime and reliability, reduces fire safety risk and
provides a platform for intelligent energy management. Our
semiconductor-based microinverter system converts energy at the
individual solar module level and brings a systems-based, high
technology approach to solar energy generation.

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