SolarEdge

Israeli technology company

Nasdaq: SEDG
S&P 600 component

IndustryRenewable energyFounded2006; 18 years ago (2006)Headquarters

Herzliya

Israel

Key people

Zvi Lando (CEO)Products

Solar inverters
Power optimizers
Energy storage batteries
Monitoring systems

Revenue

US$1.96 billion (2021)

Operating income

US$207 million (2021)

Net income

US$169 million (2021)Total assets

US$1.71 billion (2021)Total equity

US$1.31 billion (2021)

Number of employees

5,285 (2023)Websitesolaredge.comFootnotes / references
Financials as of December 31, 2021^[update].
References:^[1]

SolarEdge Technologies, Inc. is a company that developed a DC optimized inverter system.

The company was the first to successfully commercialize Power Optimizers, a device that offers module-level maximum power point tracking (MPPT), before feeding back the electricity generated into an inverter.

History

SolarEdge was established in 2006 by Guy Sella, Lior Handelsman, Yoav Galin, Meir Adest and Amir Fishelov. The company was backed by venture capital from GE Energy Financial Services, Norwest Venture Partners, Lightspeed Venture Partners, ORR Partners, Genesis Partners, Walden International, Vertex Ventures Israel, JP Asia Capital and Opus Capital Ventures.

The company started mass production of its products by contract manufacturer Flex at the end of 2009.

In March 2015, SolarEdge had an initial public offering of 7,000,000 shares of its common stock at a price to the public of $18.00 per share, raising $126 million. The shares began trading on the NASDAQ Global Select Market under the ticker symbol “SEDG.” Goldman Sachs and Deutsche Bank acted as joint book-running managers for the offering.^[2]

In May 2015, SolarEdge partnered with Tesla Energy^[3] to develop an inverter that could charge the Tesla Powerwall home energy storage battery that was unveiled in April 2015.^[4] The SolarEdge inverter manages both the conversion of energy from solar panels along with charging and discharging of the Powerwall.^[5] Over time, Tesla phased out its partnership with SolarEdge, with Tesla adding an inverter to its Powerwall 2 that was introduced in October 2016, and introducing its own solar inverter in January 2021

In October 2018, SolarEdge announced agreements to acquire a major stake in Kokam, a South Korean provider of Lithium-ion battery cells, batteries and energy storage solutions.^[6] In January 2019 SolarEdge announced the acquisition of a majority stake in SMRE^[7] – an Italian EV powertrain manufacturer. In 2019 SolarEdge announced the acquisition of Gamatronic, a UPS manufacturer, and established its Critical Power division

In January 2023, SolarEdge announced the acquisition of Hark - a European-Based Energy Analytics and IoT Company ^[8]

Following a battle with cancer, founder Guy Sella died in 2019. Former vice president of global sales Zvi Lando, was appointed as CEO.^[9]

References

^ "SolarEdge Technologies, Inc. 2021 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 22, 2022.
^ Richardson, Jake (March 30, 2015). "$126 Million Dollar IPO For SolarEdge". Clean Technica. Retrieved June 26, 2022.
^ Wainer, David (July 1, 2015). "Tesla's Battery Push Is Good News for This Israeli Solar Company". Bloomberg. Retrieved June 26, 2022.
^ Castelvecchi, Davide (May 4, 2015). "Will Tesla's Battery for Homes Change the Energy Market?". Scientific American. Retrieved May 5, 2015.
^ Graul, Jason (October 8, 2015). "Tesla Motors and Solaredge Technologies to unveil powerwall at uk show". Business Finance News.
^ "SolarEdge to acquire Kokam". October 11, 2018. Retrieved October 15, 2018.
^ Wenkert, Amarelle (January 7, 2019). "SolarEdge Buys Industrial Machinery Firm SMRE as Part of Electric Vehicle Push". CTECH – www.calcalistech.com. Retrieved November 2, 2021.
^ "SolarEdge to Acquire Hark Systems, a European-Based Energy Analytics and IoT Company". Yahoo Finance. 2023-01-03. Retrieved 2023-09-01.
^ Martín, José Rojo (August 27, 2019). "SolarEdge CEO Guy Sella dies after cancer battle". Energy Storage News. Archived from the original on August 27, 2019.