© SolarEdge Electronics Production | October 12, 2018
SolarEdge to acquires South Korean battery solutions provider
Israeli inverter manufacturer, SolarEdge Technologies, says 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. Founded in 1989, the company has been manufacturing Lithium-ion cells and providing high-performance battery solutions for the past twenty-nine years. “The acquisition of Kokam will enable us to grow our offering, adding already proven battery storage to our product portfolio,” says Guy Sella, CEO, Chairman and Founder of SolarEdge, in a press release. “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 USD 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, eventually resulting in Kokam becoming a wholly-owned subsidiary of SolarEdge.