FREMONT, CALIFORNIA AND SEOUL, KOREA — SolarEdge Technologies, Inc. (“SolarEdge”) (NASDAQ: SEDG), a global leader in smart energy technology, announced today that it has successfully closed the previously announced acquisition of approximately 75% of Kokam Co., Ltd, a leading provider of lithium ion cells, batteries, and energy storage solutions.
“We are excited that Kokam is joining the SolarEdge team and look forward to pooling our shared accomplishments to provide the market with more holistic smart energy systems," stated Guy Sella, CEO, Chairman and Founder of SolarEdge. "We believe that our complimentary areas of expertise will allow us to combine the extensive know-how and core assets of both companies in order to further enhance SolarEdge's portfolio and industry leadership."
As previously announced, the Company’s current aggregate investment to purchase the Kokam shares is approximately $88 million, including transaction-related expenses.
About SolarEdge Technologies
SolarEdge is a global leader in smart energy technology. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge developed an intelligent inverter solution that 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. SolarEdge is online at solaredge.com
Ronen Faier, Chief Financial Officer
Erica Mannion or Michael Funari