SolarEdge to Enter E-Mobility Market with Acquisition of S.M.R.E. Spa
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SolarEdge Headquarters (Photo: Business Wire)
Founded in 1999 and traded on the Italian AIM (SMR.MI), SMRE has three
business units: e-mobility, automated production machines and telematics
software. The company has more than fifteen years of experience
developing end-to-end e-mobility solutions for electric and hybrid
vehicles used in motorcycles, commercial vehicles and trucks. These
solutions include innovative high-performing powertrains with e-motor,
motor drive, gearbox, battery, BMS, chargers,
With governments and automotive manufacturers committed to the electrification of transportation, the global market for electric vehicles is expected by industry experts to increase from approximately one million EVs in 2018 to approximately 20 million annually in 2030, with a CAGR of 30.6% from 2015 and until 2030.
“The acquisition of SMRE is another step in executing our strategy of
sustainable growth by addressing an additional fast growing and
technologically synergetic market while diversifying into new fields
outside the solar arena," stated
“SMRE built a strong team that has developed products addressing the
current and future needs of the e-mobility market,” stated
The initial acquisition entails a purchase from the founder and an
additional two stockholders of approximately 51% of the outstanding
shares of SMRE pursuant to a standard share purchase agreement, for an
aggregate investment of approximately
This initial acquisition is expected to reduce SolarEdge’s cash balance
by approximately
Further information on this acquisition will be provided in the fourth quarter 2018 earnings release call.
About
View source version on businesswire.com: https://www.businesswire.com/news/home/20190106005154/en/
Source:
Press Contact
SolarEdge Technologies
Jessica Fishman
Public
and Media Relations Director
+972-523958445
Jessica.Fishman@solaredge.com
Investor Contacts
SolarEdge Technologies, Inc.
Ronen
Faier, Chief Financial Officer
+1 510-498-3263
investors@solaredge.com
Sapphire Investor Relations, LLC
Erica Mannion or Michael Funari
+1
617-542-6180
investors@solaredge.com