October 11 (Renewables Now) - Photovoltaic (PV) inverter supplier SolarEdge Technologies Inc (NASDAQ:SEDG) has agreed to acquire a stake of about 75% in the South Korean provider of lithium-ion battery cells, batteries and energy storage solutions Kokam Co Ltd.
SolarEdge is buying the stake for around USD 88 million (EUR 76m), including transaction costs. The transaction is expected to close in the coming weeks. SolarEdge plans to make Kokam a wholly-owned subsidiary by buying the company's remaining shares that are currently listed on the Korean over-the-counter exchange.
"The acquisition of Kokam will enable us to grow our offering, adding already proven battery storage to our product portfolio," said SolarEdge chief executive, chairman and founder Guy Sella. According to him, the integration of Kokam's products will help his company make solar installations "smarter and more beneficial."
Kokam was set up 1989 and is catering to a range of industries, including energy storage systems, UPS, electric vehicles (EV), aerospace and marine.
(USD 1 = EUR 0.865)