Kokam on its way to become a wholly-owned subsidiary of SolarEdge
SolarEdge Technologies, a global leader in smart energy technology, has entered into definitive agreements to acquire a major stake in Kokam.
Founded in 1989, Kokam has been manufacturing Li-ion cells and providing reliable, safe, high-performance battery solutions for the past twenty-nine years. Kokam provides battery solutions for a wide-variety of industries, including ESS (energy storage systems), UPS, electric vehicles (EVs), 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. “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 US$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 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.
SolarEdge developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic systems. The SolarEdge DC optimised inverter seeks to maximise power generation while lowering the cost of energy produced by the PV system.