SolarEdge established a new development center for large UPS systems in the town of Modi’in, near Tel Aviv. SolarEdge plans to develop there a new generation of dedicated solutions for data centers and server farms. The center operates within the company’s Critical Power division and will employ several hundred employees. Simultaneously, the company is currently in the final stages of establishing an electronic manufacturing plant in Tsiporit (in the Upper Galilee). It is expected to open in August 2020 and to employ some 300 workers during its initial phase.
The Tsiporit production plant was Originally planned to employ about 150 workers and to begin operations in early 2019 at a 2.5-acre site that the company has rented for 10 years. Although its operation has been delayed by more than a year and a half, its capacity was doubled. The plant will provide full-scale mass production, New Product Introduction and will produce special production equipment to be used by SolarEdge’s subcontractors.
The UPS operations are founded on the Jerusalem-based Gamatronic company, which was acquired in May 2018 for $41 million. The Modi’in development center will replace the Jerusalem R&D center built by Gamatronic. In the earning call following 2019 Annual Report, the CEO Zvi Lando revealed that SolarEdge is developing dedicated UPS systems for the commercial market. “In the last quarter, we conducted five evaluation tests of our improved commercial UPS system. The tests were successful with positive customer feedback.
“While this is still low volume from a business perspective relative to our solar business, we are encouraged by the customer response to our offerings.” The company’s stock has recovered from the influence of COVID-19, and the company is trading on Nasdaq at a value of about $7.24 billion.