SolarEdge Announces Closing of Kokam Acquisition
SolarEdge Technologies, Inc. (“SolarEdge”) (NASDAQ: SEDG), a global leader in smart energy technology, announced today that it has successfully closed the previously announced acquisition of approximately 75% of Kokam Co., Ltd, a leading provider of lithium ion cells, batteries, and energy storage solutions.
“We are excited that Kokam is joining the SolarEdge team and look forward to pooling our shared accomplishments to provide the market with more holistic smart energy systems,” stated Guy Sella, CEO, Chairman and Founder of SolarEdge. “We believe that our complimentary areas of expertise will allow us to combine the extensive know-how and core assets of both companies in order to further enhance SolarEdge’s portfolio and industry leadership.”
As previously announced, the Company’s current aggregate investment to purchase the Kokam shares is approximately $88 million, including transaction-related expenses.