SOLAREDGE TECHNOLOGIES INC. (NASDAQ: SEDG), a global leader in solar power optimisation and energy management solutions for residential, commercial, and utility-scale solar photovoltaic (PV) installations, announced today that it has signed a definitive agreement to acquire Kokam Co., Ltd. (Kokam), a global leader in batteries, energy storage systems, and electric vehicle (EV) systems.

With the acquisition of Kokam, Solaredge will enter the fast-growing energy storage market, providing homeowners with a complete solution for storing solar energy.

Kokam has more than three decades of experience in designing, manufacturing, and delivering high-power battery cells, packs, and systems. Kokam's cutting-edge technology has been deployed in some of the most demanding applications including maritime, aerospace, grid-scale energy storage, and electric vehicles. Kokam's ultra-high power NMC (lithium nickel manganese cobalt oxide) Cells offer one of the highest specific energy and power densities available on the market today.

Kokam's manufacturing subsidiary, Kokam America Inc. (KAI), is located in Youngstown, Ohio and will serve as Solaredge's primary production facility for batteries in the Americas. KAI has already been collaborating with Solaredge on the development of a next-generation home energy storage system. The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2018.

"The acquisition of Kokam accelerates our entry into the high-growth energy storage market and broadens our reach beyond the global solar PV industry," said Mr. Nadav Guy, Solaredge's CEO. "We have been working with Kokam over the past year and we are impressed with their technology, team, and production capabilities. Together, we will provide homeowners with a complete solution for storing solar energy, enabling them to take control of their energy usage and maximize the economic benefits of solar."

"We are excited to join Solaredge and enter the residential energy storage market," said Dr. Nam Soo Han, Kokam's CEO. "By combining Solaredge's market-leading solar power optimisation technology with Kokam's advanced battery cells and systems, we will provide homeowners with a complete solution for storing solar energy."