Gamatronic’s Uninterruptible Power Supply business will serve as a
basis for a new SolarEdge business unit
HERZLIYA, Israel--(BUSINESS WIRE)--May 9, 2018--
SolarEdge Technologies, Inc. (“SolarEdge”) (NASDAQ:SEDG), a global
leader in smart energy, announced today that it will enter the field of
Uninterruptible Power Supply (UPS) by signing an asset purchase
agreement with Gamatronic Electronic Industries Ltd (TLV: GAMT), a
technology leader in the field. SolarEdge intends to leverage its
track-record of technological innovation, operational excellence and
power electronics expertise, in combination with Gamatronics’
intellectual property, know-how, and market presence to build a leading
global UPS business. Through this acquisition, SolarEdge will expand and
diversify its business and continue to develop innovative technology
that drives progress in smart energy and transforms the way the world
produces and consumes energy.
Gamatronic develops, manufactures, and sells UPS electrical devices that
provide emergency power to appliances when the input power source fails.
The company’s products include UPS systems of a wide range of outputs
and monitoring and control solutions for power systems. Gamatronic has
been selling its products since 1970 and today sells its products in the
United States, China, Europe, South Africa, and Latin America.
“This acquisition is our first step in expanding our business to new
fields outside the solar arena,” stated Guy Sella, CEO and Chairman of
SolarEdge. “The multi-billion dollar UPS market is expected to undergo
significant changes in the coming years and we believe that combining
SolarEdge’s innovation, operational excellence and business leadership
with Gamatronic’s technology and extensive experience in this field will
allow us to become a UPS market leader.”
SolarEdge is purchasing substantially all of Gamatronic’s assets,
including its intellectual property, brand, and tangible assets. Upon
closing of the agreement, approximately 100 of Gamatronic’s employees
will be rehired as SolarEdge employees. The agreement is subject to
customary closing conditions and is expected to close by the end of the
second quarter of 2018.
About SolarEdge Technologies
SolarEdge provides an intelligent inverter solution that has changed the
way power is harvested and managed in solar photovoltaic systems. The
SolarEdge DC optimized inverter system maximizes power generation at the
individual PV module-level while lowering the cost of energy produced by
the solar PV system. Supporting increased PV proliferation, the
SolarEdge system consists of power optimizers, inverters, smart energy
management, and a cloud-based monitoring platform. SolarEdge’s solutions
address a broad range of solar market segments, from residential solar
installations to commercial and utility-scale solar installations.
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
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