SolarEdge to Acquire Hark Systems, a European-Based Energy Analytics and IoT Company

Rhea-AI Summary

SolarEdge Technologies (NASDAQ: SEDG) announced its agreement to acquire Hark Systems Ltd., a UK-based IoT SaaS platform that optimizes energy management for commercial and industrial clients. This acquisition aims to enhance SolarEdge's capabilities in energy monitoring, potential savings identification, and carbon emission optimization. Hark's technology is critical for rapid deployment across various industries, including major supermarket chains in the UK. The deal is anticipated to close in Q2 2023, pending customary conditions and regulatory approvals.

Positive

• Acquisition of Hark expands SolarEdge's energy management capabilities for commercial and industrial sectors.
• Hark's technology provides rapid deployment and optimization for energy usage and carbon emissions.

Negative

• None.

Hark’s capabilities will expand SolarEdge’s monitoring and energy management offering to the Commercial and Industrial segment

LEEDS, England & MILPITAS, Calif.--(BUSINESS WIRE)-- SolarEdge Technologies, Inc. (“SolarEdge”) (NASDAQ: SEDG), a global leader in smart energy technology, announced today that it has entered into a definitive agreement to acquire the entire share capital of Hark Systems Ltd. (“Hark”). Founded in 2016 and based in Leeds, UK, Hark offers a highly flexible Software as a Service (SaaS) Internet of Things (IoT) platform that allows enterprises and asset operators to connect, analyze and optimize industrial assets and energy in their commercial sites. Hark’s technology enables rapid deployment and commissioning across multiple sites. Hark’s customer base is comprised of diverse industries, including some of the largest supermarket chains in the UK.

The acquisition of Hark is expected to enable SolarEdge to offer its commercial and industrial (C&I) customers expanded capabilities in energy management and connectivity, including identification of potential energy savings, detection of anomalies in assets’ energy consumption, and optimization of energy usage and carbon emissions through load orchestration and storage control.

“Hark’s SaaS platform will enable us to grow our extensive commercial and industrial energy management portfolio and offer additional services to our C&I customers,” said Zvi Lando, CEO, SolarEdge Technologies. “Coupled with our smart energy solutions, Hark’s advanced technological capabilities can provide enterprises with greater transparency and control of their energy usage and carbon emissions.”

“SolarEdge has revolutionized how solar energy is harvested and managed and has deployed millions of smart energy management systems globally. We are excited to be able to be a part of the SolarEdge offering and join their global infrastructure to assist enterprises in the C&I market to manage their energy in a more efficient and sustainable way,” said Jordan Appleson, CEO and Co-Founder, Hark Systems.

The acquisition is subject to certain customary closing conditions and regulatory approvals and is expected to close during the second quarter of 2023.

About SolarEdge

SolarEdge is a global leader in smart energy technology. 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 developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge DC optimized inverter seeks to maximize power generation while lowering the cost of energy produced by the PV system. Continuing to advance smart energy, SolarEdge addresses a broad range of energy market segments through its PV, storage, EV charging, batteries, electric vehicle powertrains, and grid services solutions. Visit us at: solaredge.com

About Hark

Hark is an award-winning Energy Analytics and Industrial IoT company based in Leeds, UK. Founded in 2016, Hark's technology enables enterprises to improve efficiency, reduce waste and maximize yield by connecting to, providing visibility of, and automatically controlling assets such as energy meters, building management systems and industrial systems. Hark's cloud and edge technology securely streams data from entire estates at an asset-specific level and analyses that data in real time, providing actionable information for Energy Managers and Asset Operators. The Hark Platform’s intuitive user interface, asset connectivity technology, automations and custom dashboards enable rapid solution deployment for Energy Management, Asset Health Management, and Industrial Maintenance. Find out more: https://harksys.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20230103005456/en/

Lily Salkin, Global Public and Media Relations Manager

Lily.salkin@solaredge.com

+972-522028240

Dana Noyman, Head of Corporate Communications and Global PR

dana.noyman@solaredge.com

+972 54 999 8809

Source: SolarEdge Technologies, Inc.

FAQ

What is the purpose of SolarEdge's acquisition of Hark Systems?

The acquisition aims to enhance SolarEdge's capabilities in energy management, particularly for commercial and industrial clients.

What technologies does Hark Systems provide?

Hark offers a flexible SaaS IoT platform that helps enterprises optimize energy management and asset connectivity.

When is the acquisition of Hark Systems expected to close?

The acquisition is expected to close during the second quarter of 2023, subject to customary closing conditions and regulatory approvals.

How will the acquisition impact SolarEdge's commercial and industrial customers?

It will provide expanded capabilities for energy savings, anomaly detection, and energy usage optimization.

What market segments will benefit from SolarEdge's acquisition?

The acquisition targets the commercial and industrial segments, enhancing energy management solutions.