• January 17, 2019

SolarEdge to Enter E-Mobility Market with Acquisition of S.M.R.E. Spa - Odessa American: Business

e-Edition Subscribe

SolarEdge to Enter E-Mobility Market with Acquisition of S.M.R.E. Spa

Print
Font Size:
Default font size
Larger font size

Posted: Monday, January 7, 2019 12:31 am

FREMONT, Calif. & UMBERTIDE, Italy--(BUSINESS WIRE)--Jan 7, 2019--SolarEdge Technologies, Inc. (“SolarEdge”) (NASDAQ: SEDG), a global leader in smart energy, announced today the entry into a definitive agreement to acquire S.M.R.E Spa (“SMRE”). Headquartered in Italy, SMRE provides innovative integrated powertrain technology and electronics for electric vehicles.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190106005154/en/

SolarEdge Headquarters (Photo: Business Wire)

Founded in 1999 and traded on the Italian AIM (SMR.MI), SMRE has three business units: e-mobility, automated production machines and telematics software. The company has more than fifteen years of experience developing end-to-end e-mobility solutions for electric and hybrid vehicles used in motorcycles, commercial vehicles and trucks. These solutions include innovative high-performing powertrains with e-motor, motor drive, gearbox, battery, BMS, chargers, Vehicle Control Unit (VCU) and software for electric vehicles.

With governments and automotive manufacturers committed to the electrification of transportation, the global market for electric vehicles is expected by industry experts to increase from approximately one million EVs in 2018 to approximately 20 million annually in 2030, with a CAGR of 30.6% from 2015 and until 2030.

“The acquisition of SMRE is another step in executing our strategy of sustainable growth by addressing an additional fast growing and technologically synergetic market while diversifying into new fields outside the solar arena," stated Guy Sella, CEO, Chairman and Founder of SolarEdge. “SMRE’s innovative technology and experienced, successful team provides SolarEdge with fast-track access to the high-growth e-mobility market. We believe that combining SMRE’s vast experience and full powertrain technology with SolarEdge’s innovative power and battery technology, proven operational excellence and global reach, positions us to become a market leader in this important market.”

“SMRE built a strong team that has developed products addressing the current and future needs of the e-mobility market,” stated Samuele Mazzini, CEO, Chairman and Founder of SMRE. “SMRE’s expertise together with SolarEdge’s successful business track record, R&D capabilities and innovative power electronics will favorably position us in the global transition to e-mobility.”

The initial acquisition entails a purchase from the founder and an additional two stockholders of approximately 51% of the outstanding shares of SMRE pursuant to a standard share purchase agreement, for an aggregate investment of approximately $77 million, with 50% to be paid in cash and the remaining 50% to be paid in shares of SolarEdge common stock. The transaction is expected to close in the coming weeks and will be followed by a mandatory tender offer in which SolarEdge intends to offer to purchase in an all cash transaction, subject to regulatory reviews and approvals, the remaining outstanding ordinary shares of SMRE, that are currently listed on the Italian AIM stock exchange, with the goal of SMRE becoming a wholly-owned subsidiary of SolarEdge.

This initial acquisition is expected to reduce SolarEdge’s cash balance by approximately $39 million, which will be reflected in the first quarter cash flow and involve the issuance of approximately 1.1 million shares of SolarEdge common stock. From a financial perspective, the contribution of SMRE to SolarEdge’s revenues in the first quarter is expected to be minimal and the effect on non GAAP EPS is expected to be ($0.01)-($0.03) as a result of the additional shares issuance and the results of SMRE operations.

Further information on this acquisition will be provided in the fourth quarter 2018 earnings release call.

About SolarEdge

SolarEdge is a global leader in smart energy technology. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge DC optimized inverter seeks to maximize power generation while lowering the cost of energy produced by the PV system. Continuing to advance smart energy, SolarEdge addresses a broad range of energy market segments through its PV, storage, EV charging, batteries, UPS, and grid services solutions. SolarEdge is online at  solaredge.com

View source version on businesswire.com:https://www.businesswire.com/news/home/20190106005154/en/

CONTACT: Press Contact

SolarEdge Technologies

Jessica Fishman

Public and Media Relations Director

+972-523958445

Jessica.Fishman@solaredge.comInvestor Contacts

SolarEdge Technologies, Inc.

Ronen Faier, Chief Financial Officer

+1 510-498-3263

investors@solaredge.comSapphire Investor Relations, LLC

Erica Mannion or Michael Funari

+1 617-542-6180

investors@solaredge.com

KEYWORD: UNITED STATES EUROPE NORTH AMERICA CALIFORNIA ITALY

INDUSTRY KEYWORD: ENERGY ALTERNATIVE ENERGY TECHNOLOGY OTHER TECHNOLOGY MANUFACTURING AUTOMOTIVE MANUFACTURING CHEMICALS/PLASTICS AUTOMOTIVE GENERAL AUTOMOTIVE

SOURCE: SolarEdge Technologies, Inc.

Copyright Business Wire 2019.

PUB: 01/07/2019 01:30 AM/DISC: 01/07/2019 01:31 AM

http://www.businesswire.com/news/home/20190106005154/en

© 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Odessa, TX

Current Conditions

Mostly Cloudy
45°
Humidity: 60%
Winds: WNW at 9mph
Feels Like: 40°

Your Extended Forecast

Tomorrow

weather
High 70°/Low 46°
Times of sun and clouds. Highs in the low 70s and lows in the mid 40s.

friday

weather
High 70°/Low 39°
Partly cloudy and windy. Highs in the low 70s and lows in the upper 30s.

saturday

weather
High 59°/Low 34°
Sunny. Highs in the upper 50s and lows in the mid 30s.
Online Features

Pet Central

pets

Having a pet is a lot of responsibility, and we’ll help by giving you lots of tips and tricks! More >>

Fitness

Fitness

Our fitness articles will help teach you how to work out with gym- and home-based exercises. More >>

Crosswords

Crosswords

Enjoy the crosswords challenge in our free daily puzzles, from the harder Sunday crossword to the quicker daily. More >>

Sudoku

Sudoku

Every Sudoku has a unique solution that can be reached logically. Enter numbers into the blank spaces so that each row, column and 3x3 box contains the numbers 1 to 9. More >>




  • ALL-ACCESS: Subscribe to our e-edition and premium website at myoaoa.com.
    You can read your daily newspaper without taking a walk to the driveway.
    Look back at yesterday's newspaper, or issues from months ago with our archive feature.
    Call circulation at 432-337-7670 to sign up today.