18 October 2018 - California, US-based smart energy technology provider SolarEdge Technologies, Inc. (NASDAQ: SEDG) has closed the acquisition of a stake South Korea-based energy storage solutions company Kokam Co., Ltd., the company said.
The acquisition of approximately 75% of outstanding equity shares of Kokam reflects an aggregate investment of approximately USD 88m, 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.
SolarEdge said the acquisition of Kokam will enable the company to add proven battery storage to its product portfolio.
The company's technological innovation combined with Kokam's team and renowned battery storage solutions, will enable seamless integration with current solutions, taking a further step toward making solar installations smarter and more beneficial.
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