SolarEdge already has battery storage in its product portfolio. The majority stake in Korean battery cell and system maker Kokam, the Israeli inverter producer says, will help it expand its product offerings. (Photo Credit: TaiyangNews)
- SolarEdge has announced it is acquiring a major stake in South Korea based battery storage solutions company, Kokam
- As of now, the plan is for SoalrEdge to take control of 75% shares of the company for an approximate value of $88 million
- In the future, it intends to purchase the remaining outstanding shares of Kokam and make it a wholly-owned subsidiary of SolarEdge
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(09. January 2019)
Solar PV inverter manufacturer, SolarEdge Technologies, Inc. is all set to acquire a major stake in South Korea based battery storage solutions company, Kokam. It plans to pay some $88 million including related transaction expenses to acquire 75% of shares in the company.
Over a period of time, SolarEdge plans to purchase the remaining outstanding equity shares of the South Korean company to make it a wholly-owned subsidiary of SolarEdge.
Kokam is into manufacturing of lithium-ion cells and battery solutions since 1989 that find use in energy storage systems (ESS), UPS, electric vehicles (EV), aerospace, marine and related industries.
The proposed acquisition, says SolarEdge, will enable the company add to its product portfolio. “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,” said CEO, Chairman and Founder of SolarEdge, Guy Sella.