SolarEdge Technologies, Inc. (“SolarEdge”) (NASDAQ: SEDG), a global leader in smart energy technology, announced today the closing of the previously announced acquisition of a majority stake (approximately 56%) of S.M.R.E. Spa (“SMRE”), a provider of innovative integrated powertrain technology and electronics for electric vehicles.
“We are pleased to welcome SMRE to the SolarEdge family. We believe that our technological synergies combined with our complimentary areas of expertise will empower SolarEdge’s growing business group at a time when the world is undergoing a clean energy transformation and e-mobility revolution,” stated Guy Sella, CEO, Chairman and Founder of SolarEdge.
The Company’s current aggregate investment to purchase the SMRE shares was increased from 51% to 56% totaling approximately $85 million, up from the expected $77 million, including transaction-related expenses. SolarEdge intends to purchase the remaining outstanding equity shares of SMRE that are currently listed on the Italian AIM (SMR.MI) over time through open-market purchases and otherwise, eventually resulting in SMRE becoming a wholly-owned subsidiary of SolarEdge.