Global smart energy technology provider, SolarEdge, announced that it has entered into definitive agreements to acquire a major stake in battery solutions company Kokam.
Headquartered in South Korea, Kokam is a provider of Lithium-ion battery cells, batteries and energy storage solutions.
Founded over two decades ago, Kokam has been manufacturing Lithium-ion cells and providing reliable, safe, high-performance battery solutions for the past twenty-nine years.
The company provides battery solutions for a wide variety of industries, including ESS (energy storage systems), UPS, electric vehicles (EV), aerospace, marine and more.
“The acquisition of Kokam will enable us to grow our offering, adding already proven battery storage to our product portfolio,” said Guy Sella, CEO, chairman and founder of SolarEdge.
Acquisition of outstanding equity shares
The acquisition of approximately 75% of outstanding equity shares of Kokam reflects an aggregate investment of approximately $88 million, including related transaction expenses. Read more: Global lithium-ion batteries market set to soar
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 outstanding equity shares of Kokam that are currently listed on the Korean over the counter exchange through open-market purchases and otherwise, eventually resulting in Kokam becoming a wholly-owned subsidiary of SolarEdge.