SolarEdge Technologies announced today it has entered into definitive agreements to acquire a major stake in Kokam Co., Ltd. Headquartered in South Korea, Kokam is a provider of lithium-ion battery cells, batteries and energy storage solutions.
Founded in 1989, Kokam has been manufacturing lithium-ion cells and providing reliable, safe, high-performance battery solutions for the past 29 years. Kokam provides battery solutions for a wide-variety of industries, including ESS (energy storage systems), UPS, electric vehicles (EV), aerospace, marine and more.
“The acquisition of Kokam will enable us to grow our offering, adding already proven battery storage to our product portfolio,” said Guy Sella, CEO, Chairman and Founder of SolarEdge. “Our technological innovation combined with Kokam’s world-class team and renowned battery storage solutions, will enable seamless integration with our current solutions, taking us a further step toward making solar installations smarter and more beneficial.”
The acquisition of approximately 75% of outstanding equity shares of Kokam reflects an aggregate investment of approximately $88 million, including related transaction expenses. The transaction is subject to customary closing conditions and is expected to close in the coming weeks. Over time, the Company intends to purchase the remaining outstanding equity shares of Kokam that are currently listed on the Korean over the counter exchange through open-market purchases and otherwise, eventually resulting in Kokam becoming a wholly-owned subsidiary of SolarEdge.
News item from SolarEdge