SolarEdge to supply systems to Greek energy co

Enolia will use SolarEdge technology in projects of over 1.5 megawatts over the next few months.

Solar power harvesting and monitoring solutions developer SolarEdge Technologies Ltd. is partnering with Greek photovoltaic vendor and power projects developer Enolia Solar Systems SA. SolarEdge said that it expects Enolia will use the technology in projects of over 1.5 megawatts over the next few months. The company did not disclose the size of the deal, but it is reportedly worth a few million dollars.

Enolia is designing and installing rooftop photovoltaic projects in Greece, Cyprus and Bulgaria. The company's pipeline totals 7.2 megawatts, which will increase to an additional 13 megawatts for 2011.

Photovoltaic panels generally convert about 10-15% of sunlight into electricity. SolarEdge's technology allows the facilities to improve that by up to 25%, while reducing costs and complexities. The company's products also alert about breakdowns, and energy waste in the system.

SolarEdge said that the Greek solar energy market benefits from government incentives, and that it has the potential for rapid growth.

SolarEdge chairman and CEO Guy Sella and other executives founded the company in 2006. The company has over 80 employees; about 70 in Israel and 10 in California, Germany and Japan.

In March, SolarEdge signed a manufacturing partnership agreement with Singapore-based Flextronics Inc. (Nasdaq: FLEX) to set up a production line in Migdal Ha'Emek at a cost of $20 million. The production line is now operating with 175 employees. The products are slated for installation at photovoltaic facilities in Israel, the US, Germany, and now, Greece.

SolarEdge expects almost $40 million in sales in 2010.

Published by Globes [online], Israel business news - - on July 29, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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