SolarEdge to Buy 75% Stake in Li-Ion Cells, Batteries Maker for $88 Mn

As per the deal, the acquisition of approximately 75 percent outstanding equity shares of Kokam reflects an aggregate investment of approximately USD 88 million, including related transaction expenses.

 

Israel-based SolarEdge Technologies has inked a definitive pact to acquire a major stake in Kokam, a provider of Lithium-ion cells, batteries and energy storage solutions.

As per the deal, the acquisition of approximately 75 percent outstanding equity shares of Kokam reflects an aggregate investment of approximately USD 88 million, including related transaction expenses.

However, the transaction is subject to customary closing conditions and is expected to close in the coming weeks.

Commenting on the development, SolarEdge, CEO, Chairman and Founder, Guy Sella said, “The acquisition of Kokam will enable us to grow our offering, adding already proven battery storage to our product portfolio.”

“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,” Sella added.

This South Korea-Headquartered firm 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.

Meanwhile, SolarEdge said in a statement that, “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.”