Solaredge announces closing of SMRE Spa acquisition
Post date: 29/01/2019 - 18:01
Inverter manufacturer Solaredge Technologies, Inc announced the closing of the acquisition of a majority stake (approximately 56 percent) of SMRE Spa, a provider of integrated powertrain technology and electronics for electric vehicles. The company’s current aggregate investment to purchase the SMRE shares was increased from 51 percent to 56 percent 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 over time through open-market purchases and otherwise, eventually resulting in SMRE becoming a wholly-owned subsidiary of Solaredge.
Founded in 1999, SMRE has three business units: e-mobility, automated production machines and telematics software. According to a former announcement, 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 at the beginning of January.
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.