SolarEdge Selected as Supplier for Fiat E-Ducato, Issues Financial Results

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SolarEdge has announced it has been selected to supply powertrain and batteries for the Fiat E-Ducato, also reporting its financial results.

SolarEdge Technologies has announced that the Company has been selected and will begin to supply full electrical powertrain units and batteries for the production of the Fiat E-Ducato light commercial electric vehicle.

“We are excited to be a part of this significant moment for Stellantis as they introduce an electric version of the very popular Fiat E-Ducato light commercial vehicle to the European market. In combining our full electrical powertrains with Stellantis’ expertise, we are able to offer the market a best-in-class LCV e-mobility solution that responds to the needs of commercial customers and helps meet city centers’ carbon-neutral goals,” said SolarEdge Chief Executive Officer, Zivi Lando. 

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“We are honored to have been qualified as a tier 1 supplier of Stellantis and the sole supplier of full electrical powertrain units and batteries for the first production series of these vehicles.”

SolarEdge e-Mobility division is based on an acquisition made by SolarEdge in January 2019. The e-Mobility division develops end-to-end solutions for electric and hybrid vehicles, including innovative high-performing powertrains and software for electric vehicles. The acquisition has brought technological synergies to both companies and is part of the Company’s execution plan to expand its product offering beyond solar at a time when the world is undergoing a clean energy transformation and e-mobility revolution.

The firm has also announced its financial results for the fourth quarter and year ended December 31, 2020.

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Full Year 2020 Highlights:

• Record revenues of USD 1.46 billion
• Record revenues from solar products of USD 1.36 billion
• GAAP gross margin of 31.6 percent
• GAAP gross margin from the sale of solar products of 34.3 percent
• 6.1 Gigawatts (AC) of inverters shipped

“Our fourth-quarter results are reflective of strength in the US residential market and record revenues from outside of Europe and the U.S., led by Australia,” said Lando. “The return to growth in installations in the US residential market drove our sequential growth and return to the anticipated solar margins. Despite the global pandemic, we concluded the year with slight growth in revenues, healthy cash generation and are well-positioned for 2021 and beyond, having invested significantly in the development of new products to be released this year as well as the development of our non-solar businesses, with readiness to supply full powertrain kits for the e-Mobility sector in Europe.”