Solaredge acquired SMRE to enter e-mobility market

Inverter manufacturer Solaredge Technologies, Inc. acquired Italian SMRE Spa, which provides integrated powertrain technology and electronics for electric vehicles. Founded in 1999, SMRE has three business units: e-mobility, automated production machines and telematics software. According to Solaredge, the company has more than fifteen years of experience developing end-to-end e-mobility solutions for electric and hybrid vehicles used in motorcycles, commercial vehicles and trucks. »The acquisition of SMRE is another step in executing our strategy of sustainable growth by addressing an additional fast growing and technologically synergetic market while diversifying into new fields outside the solar arena,« stated Guy Sella, CEO, Chairman and Founder of Solaredge.
The initial acquisition entails a purchase from the founder and an additional two stockholders of approximately 51 percent of the outstanding shares of SMRE pursuant to a standard share purchase agreement, for an aggregate investment of approximately $77 million, with 50 percent to be paid in cash and the remaining 50 percent to be paid in shares of Solaredge common stock. The transaction is expected to close »in the coming weeks« and will be followed by a mandatory tender offer in which Solaredge intends to offer to purchase in an all cash transaction, subject to regulatory reviews and approvals, the remaining outstanding ordinary shares of SMRE, that are currently listed on the Italian AIM stock exchange, with the goal of SMRE becoming a wholly-owned subsidiary of Solaredge.
With governments and automotive manufacturers committed to the electrification of transportation, the global market for electric vehicles is expected by industry experts to increase from approximately one million EVs in 2018 to approximately 20 million annually in 2030, with a CAGR of 30.6 percent from 2015 and until 2030.
© PHOTON

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