Enphase Energy is a NASDAQ-listed energy technology company headquartered in Petaluma, California. Enphase designs and manufactures software-driven home energy solutions that span solar generation, energy storage and web-based monitoring and control. Enphase has shipped about ten million micro solar inverters, known as "microinverters", sold primarily into the residential and commercial markets in North America, Europe and Australia. Microinverters convert the direct current power from the solar panel (DC) directly into grid-compatible alternating current (AC) for use or export. Enphase was the first company to successfully commercialise the microinverter on a wide scale, and remains the market leader. A number of companies and institutes had promoted the solar micro-inverter concept through the 1990s. The basic idea is to reduce the power handling of a conventional inverter design so that it matches the output of a single panel. This so reduces the size of the inverter that it can be placed on the back of the panel, producing an "AC panel". Such a system can be connected directly to the grid, or to each other to produce larger arrays. This contrasts with the traditional solar inverter approach where many panels are connected together in series on the DC-side and then run en-masse to a single larger inverter. Several products based on the micro-inverter concept were introduced in the 1990s and especially the early 2000s, but none were widely successful due to a number of factors. In the aftermath of the 2001 Telecoms crash, Martin Fornage of Cerent Corporation was looking for new projects. When he saw the low performance of the string inverter for the solar array on his ranch, he formed Enphase Energy with another Cerent engineer, Raghu Belur, in 2006. Backed by $100 million in private equity, in 2008 they released their first product, the M175, to moderate success. Their 2nd generation product, 2009s M190, was far more successful, with sales of about 400,000 units in 2009 and early 2010. Enphase quickly grew to 13% marketshare for residential systems by mid-2010, aiming for 20% by year-end.