SolarEdge to Acquire Kokam, the Li-Ion Cells Batteries Provider
11 October, 2018
Following the acquisition of Gamatronic earlier this year, SolarEdge enters into the battery market with $88 million investment in Kokam
SolarEdge Technologies has entered into definitive agreements to acquire 75% of Kokam Co., for approximately $88 million. Headquartered in South Korea, Kokam is a provider of Lithium-ion battery cells, batteries and energy storage solutions. 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.
“The acquisition of Kokam will enable us to add 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 battery storage solutions, will taking us further toward making solar installations smarter and more beneficial.” Founded in 1989, Kokam manufactures Lithium-ion cells for the past twenty-nine years. It provides battery solutions for ESS (energy storage systems), UPS, electric vehicles (EV), aerospace, marine and more.
Around the world with Kokam Batteries
Kokam has a strong brand in the market with over 60 battery-related patents and a total of 708-megawatt hours of field performance. It was chosen to be the battery supplier of the future Eviation Aircraft 9-seat commuter to be flying passengers by 2021. It supplied a giant 30 MW battery storage system for a new ABB power station in Australia and was the battery supplier of the iconic Solar Impulse 2 solar plane that flew around the globe by the power of electric engines.
SolarEdge provides an intelligent power optimizers, inverters, smart energy management, and a cloud-based monitoring platform to manage and optimize power generation of PV modules and large scale and utility-scale solar installations. SolarEdge from Herzliya, Israel, is a fast growing company. Its sales in Q1 2018 grew 82% to $209.9 million. The company forecasts revenues of $220 million to $230 million in the second quarter.
Recently, the company began to implement a new strategy aimed to position it as a complete energy solutions provider. In May 2018, it entered the field of Uninterruptible Power Supply (UPS) by the acquisition of Gamatronic Electronic Industries from Jerusalem, for approximately $11.4 million. Gamatronic develops, manufactures, and sells UPS electrical devices that provide emergency power to appliances when the input power source fails.