SolarEdge buys majority stake in battery co Kokam for $88m

SolarEdge panels Photo: PR

The Israeli solar energy company is acquiring a 75% stake in the Korean lithium-ion battery provider.

Israeli solar energy company SolarEdge Technologies (NASDAQ:SEDG) announced today that it has entered into definitive agreements to acquire a controlling stake in South Korean company Kokam, which provides lithium-ion battery cells, batteries and energy storage solutions.

Kokam provides battery solutions for a wide-variety of industries, including ESS (energy storage systems), UPS, electric vehicles (EV), aerospace, marine and more.

SolarEdge founder, chairman and CEO Guy Sella, “The acquisition of Kokam will enable us to grow our offering, adding already proven battery storage to our product portfolio. Our technological innovation combined with Kokam’s world-class team and renowned battery storage solutions, will enable seamless integration with our current solutions, taking us a further step toward making solar installations smarter and more beneficial.”

Headquartered in Herzliya, SolarEdge has developed an intelligent inverter solution that has changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge DC optimized inverter seeks to maximize power generation while lowering the cost of energy produced by the PV system. Continuing to advance smart energy, SolarEdge addresses a broad range of energy market segments through its PV, storage, EV charging, UPS, and grid services solutions.

Over time, SolarEdge plans to purchase the remaining outstanding equity shares of Kokam that are currently listed on the Korean over the counter exchange through open-market purchases.

Published by Globes [online], Israel business news - en.globes.co.il - on October 11, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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SolarEdge panels Photo: PR
SolarEdge panels Photo: PR
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