SolarEdge e-Mobility to Supply Electrical Powertrain and Battery Solution for Fiat E-Ducato

Rhea-AI Summary

SolarEdge Technologies, Inc. (NASDAQ: SEDG) has been selected to supply full electrical powertrain units and batteries for the Fiat E-Ducato light commercial vehicle. This partnership with Stellantis marks a significant step as they introduce an electric version of the E-Ducato to Europe. SolarEdge's e-Mobility division, established through an acquisition in 2019, aims to expand its offerings beyond solar energy, responding to the growing demand for clean energy and e-mobility solutions. The company focuses on innovative powertrains and software for electric and hybrid vehicles.

Positive

• Selected as sole supplier for Fiat E-Ducato electric vehicle, enhancing market presence.
• Partnership with Stellantis aligns with the growing demand for e-mobility solutions.
• Expansion beyond solar energy indicates a strategic growth opportunity.

Negative

• None.

SolarEdge Technologies, Inc. (“SolarEdge”) (NASDAQ: SEDG), announced today that the Company has been selected and will begin to supply full electrical powertrain units and batteries for the production of the Fiat E-Ducato light commercial vehicle.

“We are excited to be a part of this significant moment for Stellantis as they introduce an electric version of the very popular Fiat E-Ducato light commercial vehicle to the European market. In combining our full electrical powertrains with Stellantis’ expertise, we are able to offer the market a best-in-class LCV e-mobility solution that responds to the needs of commercial customers and helps meet city centers’ carbon neutral goals,” said SolarEdge Chief Executive Officer, Zivi Lando. “We are honored to have been qualified as a tier 1 supplier of Stellantis and the sole supplier of full electrical powertrain units and batteries for the first production series of these vehicles.”

SolarEdge e-Mobility division is based on an acquisition made by SolarEdge in January 2019. The e-Mobility division develops end-to-end solutions for electric and hybrid vehicles, including innovative high-performing powertrains and software for electric vehicles. The acquisition has brought technological synergies to both companies and is part of the Company’s execution plan to expand its product offering beyond solar at a time when the world is undergoing a clean energy transformation and e-mobility revolution.

About SolarEdge

SolarEdge is a global leader in smart energy. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge’s e-Mobility division creates end-to-end e-mobility solutions for electric and hybrid vehicles used in motorcycles, commercial vehicles and trucks. These solutions include innovative high-performing powertrains with e-motor, motor drive, gearbox, battery, BMS, chargers, Vehicle Control Unit (VCU) and software for electric vehicles.

SolarEdge is online at solaredge.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20210216005696/en/

FAQ

What is SolarEdge's recent announcement regarding the Fiat E-Ducato?

SolarEdge announced it will supply full electrical powertrain units and batteries for the Fiat E-Ducato light commercial vehicle.

What is the significance of SolarEdge's partnership with Stellantis?

The partnership is significant as it allows SolarEdge to be the sole supplier for the electric version of the popular Fiat E-Ducato, enhancing its market position.

How does SolarEdge's e-Mobility division contribute to its business strategy?

The e-Mobility division, formed through a 2019 acquisition, broadens SolarEdge's product offerings beyond solar, focusing on electric vehicle solutions.

When will SolarEdge begin supplying its powertrain units for the Fiat E-Ducato?

Although the press release does not specify an exact date, it confirms that SolarEdge will begin supplying these units for the production of the Fiat E-Ducato.

What does the partnership with Stellantis mean for SolarEdge investors?

The partnership potentially enhances SolarEdge's revenue streams and market share in the growing electric vehicle sector, positively impacting investor outlook.