SolarEdge Announces Closing of Asset Purchase Agreement
July 2, 2018 at 4:10 PM EDT
JERUSALEM--(BUSINESS WIRE)--Jul. 2, 2018--
SolarEdge Technologies, Inc. (“SolarEdge”) (NASDAQ: SEDG), a global
leader in smart energy announced today the closing of the previously
announced asset purchase agreement with Gamatronic Electronics Ltd.
(“Gamatronic”), a company that develops, manufactures and sells
Uninterruptible Power Supply systems, also known as UPSs.
SolarEdge previously announced the signing of the Asset Purchase
Agreement with Gamatronic in its first quarter earnings release. The
acquisition is for approximately $11.5 million for substantially all of
Gamatronic’s assets, including its intellectual property, brand and
tangible assets and includes a two year earn provision for 50% and 33%
of the net income of that business in each year following the closing
respectively. Beginning July 1, approximately 100 of Gamatronic’s
employees have joined the SolarEdge family of employees.
Gamatronic’s UPS business will serve as a basis for a new division of
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 maximizes
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 http://www.solaredge.com
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Source: SolarEdge Technologies, Inc.
SolarEdge Technologies, Inc.
Faier, +1 510-498-3263
Chief Financial Officer
Investor Relations, LLC
Erica Mannion or Michael Funari