Solar firm acquires battery company

November 8th, 2018, Published in Articles: Energize

SolarEdge Technologies has announced that it plans to acquire a major stake in Kokam, a provider of Li-ion battery cells, batteries and energy storage solutions. Founded in 1989, Kokam has been manufacturing Li-ion cells and providing reliable, safe, high-performance battery solutions for the past twenty-nine years. Kokam provides battery solutions for a wide-variety of industries, including energy storage systems, UPS, electric vehicles, aerospace, and marine. 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  shares, which will result in Kokam becoming a wholly-owned subsidiary of SolarEdge.

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