SolarEdge Technologies, Inc. (SolarEdge), an energy technology company that develops PV inverters, has announced 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.
Kokam was founded in 1989, the company is a manufacturer of lithium-ion cells. Kokam provides battery solutions for a wide-variety of industries, including ESS (energy storage systems), UPS, electric vehicles (EV), aerospace, marine, and more.
“The acquisition of Kokam will enable us to grow our offering, adding already proven battery storage to our product portfolio,” said Guy Sella, CEO, Chairman and Founder of SolarEdge in a media statement.
“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.” Sella added.
SolarEdge has acquired around 75 percent of Kokam’s outstanding equity shares, this translates into an aggregate investment of approximately $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, SolarEdge intends to purchase the remaining outstanding equity shares of Kokam that are currently listed on the Korean over the counter exchange through open-market purchases and otherwise, eventually resulting in Kokam becoming a wholly-owned subsidiary of SolarEdge.
In April 2017, Mercom reported on SolarEdge’s expansion plans in the Indian market by establishing its offices in Bangalore.
In August 2018, Mercom also reported on the Indian governments plans to launch a national energy storage mission which strives to develop leadership in energy storage sector by creating an enabling policy and regulatory framework that encourages manufacturing, deployment, innovation and further cost reduction.
Image credit: Flickr