DECARBONIZATION OF INDEPENDENCE:

This growth opportunity comes as Europe scrambles to rejigger its energy system in a bid to move away from Russian fuel.

On Tuesday the bloc agreed to voluntarily reduce gas consumption by 15%. The region has also pledged to ramp up its renewable energy infrastructure.

But in the meantime, fuel prices are surging. On Tuesday Dutch TTF natural gas futures jumped 19.8% to 211.70 euros per megawatt hour, the highest level since March.

That price is equivalent to about $63 per million British thermal units (MMBtu), according to Argus Media, which is how U.S. natural gas is priced.

To put the move in perspective, U.S. natural gas futures touched $9.75 per MMBtu on Tuesday, which was the highest level since 2008, but significantly below European prices.

Kothandaraman expects revenue from Europe to grow another 40% during the current quarter.

"We are aggressively expanding the team. We expect this momentum to continue," he said on the company's earnings call.

Enphase is also seeing demand growth from the U.S., where utility bills are rising. Increasingly frequent grid outages are also prompting consumers to seek energy independence.

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