SolarEdge

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SolarEdge Technologies, Inc.
TypePublic company
IndustryPhotovoltaics
Founded2006; 16 years ago (2006)
Headquarters
Herzliya, Israel[1]
Key people
Zvi Lando (CEO)
Ronen Faier (CFO)
Ilan Yoscovich (CTO)
ProductsPV Power Optimizers, PV Monitoring Portal and Solar Inverters
RevenueUS$1.4 billion (2019)
US$189.9 million (2019)
US$146.5 million (2019)
Total assetsUS$964 million (2018)
Total equityUS$562 million (2018)
Number of employees
3,174 (2020)
Websitesolaredge.com

SolarEdge Technologies, Inc. is an Israel-headquartered provider of power optimizer, solar inverter and monitoring systems for photovoltaic arrays. These products aim to increase energy output through module-level Maximum Power Point Tracking (MPPT).[2] Established in 2006, the company has offices in the United States,[3] Germany,[4] Italy, Japan, and Israel. It is incorporated in Delaware.[5]

History[]

SolarEdge was established in 2006 by Guy Sella, first CEO and Chairman, Lior Handelsman, VP of Product Strategy & Business Development, Yoav Galin, VP of R&D, Meir Adest, VP of Core Technologies and Amir Fishelov, Chief Software Architect.

The company is venture capital backed and investors include GE Energy Financial Services, Norwest Venture Partners, Lightspeed Venture Partners, ORR Partners, Genesis Partners, Walden International, Vertex Ventures Israel, JP Asia Capital and Opus Capital Ventures.

At the end of 2009, the company started mass production of its products by electronic manufacturing services provider Flextronics International Ltd.

In 2010, the company shipped an estimated 250,000 power optimizers and 12,000 inverters – amounting to a total generation of 50 megawatts and 70% of the power optimizers market.[6]

In March 2015, SolarEdge had an initial public offering of 7,000,000 shares of its common stock at a price to the public of $18.00 per share, raising $126 million. The shares began trading on the NASDAQ Global Select Market under the ticker symbol “SEDG.” Goldman Sachs and Deutsche Bank acted as joint book-running managers for the offering.[7]

Following a battle with cancer, founder Guy Sella died in 2019. Former Global Sales VP Zvi Lando, was appointed acting CEO.[8]

Tesla SolarEdge Partnership[]

In May 2015, SolarEdge partnered with Tesla Motors[9] for the joint development of a photovoltaic (PV) storage and backup power solution for the residential solar market, based on the Powerwall home and industrial battery packs that were unveiled in April 2015,[10] and quickly received orders to a total value of US$800 million.[11]

Using SolarEdge's direct current (DC) optimized inverter and Tesla's automotive-grade battery technology, the solution requires only a single SolarEdge inverter to manage both PV and storage functions. The system is designed for efficient, outdoor installation and includes remote monitoring and troubleshooting to keep operations and maintenance costs low.[12]

Schneider Electric Partnership[]

In October 2020, SolarEdge has partnered with Schneider Electric. This alliance is planned to provide a cohesive electricity environment for installers and device owners, while also accelerating solar installation experience across the region.[13]

Introduction of Square D Energy Center

The Square D Energy Center is operated by Schneider Electric's Wiser technology, along with SolarEdge's Energy Hub Inverter with Prism Technology, for home automation and electronic energy storage.[14]

Technology[]

Background[]

Traditional PV systems are typically characterized by a centralized inverter or string inverter architecture*. In this topology the inverter performs MPPT for large quantities of solar panels as a whole. Since the solar panels are connected in series to form strings, the same current must flow through all the modules, so the solar inverter continuously adjusts the electric current in the system to find the average optimal working point of all the modules. As a result, potential power may be lost whenever a mismatch exists between modules.[2][3]* Panel mismatch is unavoidable in many cases, due to panel manufacturing tolerance, partial shading,[4] uneven soiling, or uneven tilt angle. In addition, power may also be lost due to slow tracking of dynamic weather conditions caused by moving clouds,[5] and on extremely hot or cold days when the system DC voltage may exceed the inverter's permissible input voltage range*. These factors cause small losses in yearly yields, but they are present. Other drawbacks of traditional PV systems include:

  • System design is constrained by the need to match all strings’ length and orientation
  • Monitoring visibility and fault detection are limited to the inverter (or in some cases, to the string level)
  • High DC voltage is present as long as the sun is up, posing a possible risk of electrocution to installers, maintenance personnel and firefighters*

These drawbacks, however, can be mitigated by newer string inverters with advanced electronics and features such as dual, shade-tolerant and improved MPPT.

Acquisitions[]

In October 2018, SolarEdge announced agreements to acquire a major stake in Kokam, a South Korean provider of Lithium-ion battery cells, batteries and energy storage solutions.[15]

In January 2019 SolarEdge announced the acquisition of a majority stake in SMRE[16] - an italian EV/Powertrain manufacturer. SMRE has since been renamed to SOLAREDGE e-MOBILITY SpA.[17]

See also[]

References[]

  1. ^ SEC FOrm 10-
  2. ^ "Frost & Sullivan Picks SolarEdge for Hot Investment Opportunity Award in European Solar Photovoltaic Market". Frost & Sullivan. 2009-09-10. Retrieved 2009-10-10.
  3. ^ SolarEdge names former SMA America president John Berdner as North America GM
  4. ^ Germany to house SolarEdge's new solar sales office
  5. ^ https://www.sec.gov/Archives/edgar/data/1419612/000104746915000911/a2223102zs-1.htm
  6. ^ Energy Efficiency Technology to Take Solar Market by Storm
  7. ^ $126 Million Dollar IPO For SolarEdge - CleanTechnica
  8. ^ [ https://www.energy-storage.news/news/solaredge-ceo-guy-sella-dies-after-cancer-battle]
  9. ^ Tesla’s Battery Push Is Good News for This Israeli Solar Company, David Wainer, Bloomberg, July 2, 2015
  10. ^ Castelvecchi, Davide (2015-05-04). "Will Tesla's Battery for Homes Change the Energy Market?". Scientific American. Retrieved 2015-05-05.
  11. ^ Tesla's battery grabbed $800 million in its first week, Bloomberg 8 May 2015
  12. ^ Tesla Motors and Solaredge Technologies to unveil powerwall at uk show, Jason Graul, Business Finance News, October 8, 2015
  13. ^ Scully, Jules (23 October 2020). "SolarEdge and Schneider Electric partner for home energy management solution". pvtech. Retrieved 29 October 2020.
  14. ^ Misbrener, Kelsey (22 October 2020). "SolarEdge and Schneider Electric partner on new residential energy management solution". Solar Power World. Retrieved 29 October 2020.
  15. ^ "SolarEdge to acquire Kokam". 2018-10-11. Retrieved 2018-10-15.
  16. ^ Wenkert, Amarelle (2019-01-07). "SolarEdge Buys Industrial Machinery Firm SMRE as Part of Electric Vehicle Push". CTECH - www.calcalistech.com. Retrieved 2021-11-02.
  17. ^ "About Us | SolarEdge | A World Leader in Smart Energy". e-mobility.solaredge.com. Retrieved 2021-11-02.

External links[]

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