SolarEdge Technologies, a smart energy technology company, has signed definitive agreements to acquire 75% of stake in Kokam, a South Korea headquartered developer of Lithium-ion battery cells, batteries and energy storage solutions, for $88m.
SolarEdge, the Israeli solar inverter-maker stated that Kokam was established in 1989 and has been manufacturing lithium-ion cells and offering battery solutions for the past twenty nine years.
The company’s battery solutions are used across a wide range of industries ranging from ESS (energy storage systems), UPS, electric vehicles (EV), aerospace, marine and others.
The transaction is subject to customary closing conditions and is expected to close in the coming weeks. Over time, SolarEdge plans to acquire the remaining stake in Kokam that are listed on the Korean over the counter exchange through open-market purchases and otherwise. This could eventually result in Kokam becoming a wholly-owned subsidiary of SolarEdge.
SolarEdge chairman, founder and CEO Guy Sella said: “The acquisition of Kokam will enable us to grow our offering, adding already proven battery storage to our 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.”
Kokam is claimed to have presence in over 50 countries and across several industries including the electric vehicle (EV), energy storage system (ESS), aerospace, marine, and industrial markets. The company claims to possess 60 battery-related patents and a total of 708MWh of field performance.
In May this year, SolarEdge signed an agreement to acquire Gamatronic Electronic Industries, a technology provider in the field of uninterruptible power supply (UPS).
Gamatronic’s product portfolio includes a wide range of range of outputs and monitoring and control solutions for power systems.
With the acquisition, SolarEdge stated that could expand and diversify its business and continue to develop new technology in smart energy, which can enhance the way energy is generated and consumed.