SolarEdge to Acquire Kokam, a Provider of Li-ion Cells, Batteries, and Energy Storage Solutions
October 11, 2018 at 9:00 AM EDT
FREMONT, Calif. & SEOUL, Korea--(BUSINESS WIRE)--Oct. 11, 2018--
SolarEdge Technologies, Inc. (“SolarEdge”) (NASDAQ:SEDG), a global
leader in smart energy technology, announced today that it has entered
into definitive agreements to acquire a major stake in Kokam Co., Ltd.
Headquartered in South Korea, Kokam is a provider of Lithium-ion battery
cells, batteries and energy storage solutions.
This press release features multimedia. View the full release here:
SolarEdge Headquarters (Photo: Business Wire)
Founded in 1989, Kokam has been manufacturing Lithium-ion cells and
providing reliable, safe, high-performance battery solutions for the
past twenty-nine years. Kokam provides battery solutions for a
wide-variety of industries, including ESS (energy storage systems), UPS,
electric vehicles (EV), aerospace, marine and more.
“The acquisition of Kokam will enable us to grow our offering, adding
already proven battery storage to our product portfolio,” said Guy
Sella, CEO, Chairman and Founder of SolarEdge. “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.”
The acquisition of approximately 75% of outstanding equity shares of
Kokam reflects an aggregate investment of approximately $88 million,
including related transaction expenses. The transaction is subject to
customary closing conditions and is expected to close in the coming
weeks. Over time, the Company intends to purchase the remaining
outstanding equity shares of Kokam that are currently listed on the
Korean over the counter exchange through open-market purchases and
otherwise, eventually resulting in Kokam becoming a wholly-owned
subsidiary of SolarEdge.
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
About Kokam Co., Ltd.
With a globally acknowledged and proprietary manufacturing technology,
Kokam Co., Ltd has provides a wide range of lithium ion battery
solutions to customers in over 50 countries and many different
industries, including the Electric Vehicle (EV), Energy Storage System
(ESS), aerospace, marine, and industrial markets. With over 60
battery-related patents and a total of 708-megawatt hours of field
performance, Kokam is a proven leader in providing innovative battery
solutions. For more information, please visit www.kokam.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181011005444/en/
Source: SolarEdge Technologies, Inc.
SolarEdge Technologies, Inc.
Faier, +1 510-498-3263
Chief Financial Officer
Investor Relations, LLC
Erica Mannion or Michael Funari