Israeli solar energy company SolarEdge Technologies (Nasdaq: SEDG) announced today that it has entered into a definitive agreement to acquire the entire share capital of UK company Hark Systems Ltd. No financial details were disclosed.
Based in Leeds, UK, Hark offers a highly flexible Software as a Service (SaaS) Internet of Things (IoT) platform that allows enterprises and asset operators to connect, analyze and optimize industrial assets and energy in their commercial sites. Hark’s technology enables rapid deployment and commissioning across multiple sites. Hark’s customer base is comprised of diverse industries, including some of the largest supermarket chains in the UK.
The acquisition of Hark will allow SolarEdge to offer its commercial and industrial customers expanded capabilities in energy management and connectivity, including identification of potential energy savings, detection of anomalies in assets’ energy consumption, and optimization of energy usage and carbon emissions through load orchestration and storage control.
SolarEdge Technologies CEO Zvi Lando said, "Hark’s SaaS platform will enable us to grow our extensive commercial and industrial energy management portfolio and offer additional services to our C&I customers. Coupled with our smart energy solutions, Hark’s advanced technological capabilities can provide enterprises with greater transparency and control of their energy usage and carbon emissions."
Hark Systems cofounder and CEO Jordan Appleson added, "SolarEdge has revolutionized how solar energy is harvested and managed and has deployed millions of smart energy management systems globally. We are excited to be able to be a part of the SolarEdge offering and join their global infrastructure to assist enterprises in the C&I market to manage their energy in a more efficient and sustainable way."
The acquisition is subject to certain customary closing conditions and regulatory approvals and is expected to close during the second quarter of 2023.
Published by Globes, Israel business news - en.globes.co.il - on January 3, 2023.
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