The Israeli company SolarEdge Technologies has taken over large parts of the South Korean battery and energy storage specialist Kokam. The transaction sum is said to stand at 88 million dollars.
With the partial acquisition, SolarEdge is now in charge of about 75% of the Korean company. SolarEdge is planning on acquiring the rest of the shares via investment on the free market, which would make Kokam a full subsidiary of the Israeli company.
SolarEdge is planning to expand their product portfolio with the acquisition, particularly of already proven battery storage systems. Kokam was founded in 1989 and offers battery solutions for a variety of uses, including electrified vehicles and aircraft. At the start of the year, the Israeli startup Eviation Aircraft announced that they had signed an agreement with Kokam to provide batteries for their products.
SolarEdge last gained recognition at the MCE in Italy, where they introduced a power inverter with an integrated charger for EVs. They describe themselves as a specialist for intelligent energy solutions.