January 7 (Renewables Now) - Photovoltaic (PV) inverters supplier SolarEdge Technologies Inc (NASDAQ:SEDG) said today it has signed a deal to acquire Italian company SMRE SpA (BIT:SMR), which provides powertrain technology and electronics for electric vehicles (EVs).
SolarEdge has agreed to buy a 51% stake in SMRE from its founder and two other investors for a total of USD 77 million (EUR 88.3m) in cash and stock. Following this transaction, to be closed in the coming weeks, the company will launch a mandatory tender offer for the rest of the SMRE shares.
This agreed acquisition demonstrates SolarEdge’s willingness to diversify its business into fields outside of the solar industry and in this case into a “fast growing and technologically synergetic market”, according to Guy Sella, CEO, chairman and founder of SolarEdge.
Founded in 1999, SMRE offers powertrains with e-motor, motor drive, gearbox, battery, BMS, chargers, Vehicle Control Unit (VCU) and software for EVs.
(EUR 1.0 = USD 1.147)