energy saving

SolarEdge Enters Energy Storage Market

0
Israeli company, SolarEdge Technologies is entering the Uninterruptible Power Supply business with the acquisition of Gamatronic Electronic Industries for $11.5 million. Through this deal, SolarEdge states it “hopes to expand and diversify its business.”
SolarEdge Enters Energy Storage Market

Gamatronic develops, manufactures, and sells UPS electrical devices that provide emergency power to appliances when the input power source fails. The company’s products include UPS systems of a wide range of outputs and monitoring and control solutions for power systems. Gamatronic has been selling its products since 1970 and today sells its products in the United States, China, Europe, South Africa, and Latin America. 

“This acquisition is our first step in expanding our business to new fields outside the solar arena,” stated Guy Sella, CEO and Chairman of SolarEdge. “The multi-billion dollar UPS market is expected to undergo significant changes in the coming years and we believe that combining SolarEdge’s innovation, operational excellence and business leadership with Gamatronic’s technology and extensive experience in this field will allow us to become a UPS market leader.”

SolarEdge is purchasing substantially all of Gamatronic’s assets, including its intellectual property, brand, and tangible assets. Upon closing of the agreement, approximately 100 of Gamatronic’s employees will be rehired as SolarEdge employees. The agreement is subject to customary closing conditions and is expected to close by the end of the second quarter of 2018. 

Add a comment