Davis Polk advised Morgan Stanley & Co. LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Deutsche Bank Securities Inc. as representatives of the several underwriters on the $61.9 million initial public offering of 10,315,151 shares of Enphase Energy, Inc. Enphase Energy’s common stock is traded on the NASDAQ Global Market under the symbol “ENPH.”

Based in Petaluma, California, 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. Enphase Energy’s semiconductor-based microinverter system converts energy at the individual solar module level and brings a systems-based, high technology approach to solar energy generation.

The Davis Polk corporate team included partner Bruce K. Dallas and associates Vincent T. Cannon and Sara Chang. Partner Rachel D. Kleinberg and associate Una Au provided tax advice. Associate Randy Samson provided intellectual property advice. Associate Catherine L. Martin provided Investment Company Act advice. Counsel Cynthia Akard provided employment advice. Counsel Marcie A. Goldstein provided FINRA advice. Kimberly Kakade was the legal assistant for the transaction. Members of the Davis Polk team are based in the Menlo Park and New York offices.



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