October 18 (Renewables Now) - Photovoltaic (PV) inverter supplier SolarEdge Technologies Inc (NASDAQ:SEDG) has closed the acquisition of a 75% stake in South Korean battery storage firm Kokam Co Ltd.
As previously announced, SolarEdge is purchasing the stake in the lithium ion cells, batteries and energy storage solutions provider for around USD 88 million (EUR 76.54m), including transaction costs. The company wants to make Kokam a wholly-owned subsidiary by buying the target's remaining shares listed on the Korean over-the-counter exchange.
With this acquisition, "we believe that our complimentary areas of expertise will allow us to combine the extensive know-how and core assets of both companies in order to further enhance SolarEdge's portfolio and industry leadership," said the firm's CEO, chairman and founder Guy Sella.
(USD 1 = EUR 0.87)