Israeli inverter firm SolarEdge proposes US$125 million IPO

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email

Israeli micro-inverter manufacturer SolarEdge has filed papers for a US$125 million flotation on the NASDAQ stock exchange.

The form, filed with the SEC on Wednesday, cites the potential of the US and Chinese residential markets and increasing demand for power optimisers. The company also said it would consider working with “adjacent markets” such as energy storage, home automation and smart grids.

The company said it would use the proceeds of the sale to enter new markets and take advantage of additional financial flexibility.

“As they are a global inverter and power optimiser supplier, the additional money raised in an IPO would allow them to expand into new PV markets, invest money into R&D to bring new products to the market and compete more effectively with the largest module level power electronics supplier Enphase,” said Cormac Gilligan, senior PV market analyst, IHS.

“SolarEdge were ranked as the ninth largest PV inverter supplier between Q1-Q3’14 based on revenues,” said Gilligan. “They have traditionally had a big presence in residential and small commercial segments in the EMEA [Europe, Middle East and Africa] region with large market share in Germany, United Kingdom and the Middle East. However, in recent years as the market in Europe has declined, they have been one of the more proactive suppliers in entering into key markets such as the United States.”

“In the Americas region, they were ranked number five in the first nine months of 2014 which is attributed to its rapid growth in the United States as it is one of the approved inverter vendors for SolarCity. In 2015, IHS forecasts that the US residential and small commercial market will reach over 2GWac which is the main target markets for SolarEdge.”

Gilligan also said that they could secure JET certification in order to allow them to enter the Japanese market. The company also has an advantage on rival Enphase in the commercial-scale market that it could further exploit with the proceeds of the IPO.

“Overall the global residential and small commercial market is forecast to grow 18% to reach just under 15GWac in 2015 and the IPO will position SolarEdge well to take advantage of this growth in the market and increase its market share globally,” he said.

The filing also revealed that the company had revenues for the fiscal year ending June 30, 2014 of US$133.2 million, up from US$79.0 million in the previous year.

It was also revealed that SolarCity accounts for 19.1% of SolarEdge's revenue in the fiscal year of 2014 and distributor Krannich 7.8%. It was also revealed that the company is in a legal dispute with rival inverter manufacturer, Beacon Power, over patent infringement. Beacon claimed two US patents had been breached. SolarEdge denies the allegation and has launched a counterclaim.

26 January 2022
Join this free webinar for our analysis of the growth of N-Type technology including; new capacity expansions and production output. We'll also be looking at the global manufacturing footprint with forecasts on how much product will be made outside of China this year and which companies are driving technology change across the crystalline silicon value chain.
23 February 2022
Held annually since 2016, the Energy Storage Summit Europe is the place to be for senior stakeholders in the European storage industry. Designed to accelerate deployment of storage, we examine evolving chemistries, business models, project design, revenue stacks and use cases for storage. The 2022 edition will include exclusive content around longer duration solutions, energy strategies for wide-scale deployment of EVs and "EnTech", the event which sits at the intersection of digitisation, decentralisation and decarbonation of the power system. Come to meet TSOs, DSOs, Utilities, Developers, Investors and Lenders and leave with new contacts, partners and a wealth of information.
7 March 2022
Take your chance to join the most powerful platform in the MENA region. Middle East Energy (MEE), Intersolar, and ees, the leading energy exhibitions are joining hands to co-deliver an outstanding renewables and energy storage event at Middle East Energy 2021. Renewables and energy storage at MEE is the largest gathering of solar and renewable energy industry professionals in the Middle East & Africa, offering the most effective trade focused platform to international manufacturers and distributors looking to meet regional buyers.
8 March 2022
As Solar Finance & Investment enters its ninth year, we sit on the cusp of a new power market with solar at its heart. The 2022 edition of the event will build on our years of expertise and relationships to bring investors and lenders together with top developers. Connect with leaders in the field and use exclusive insights to drive investment and development decisions for the future. Meet new and existing project partners at the largest gathering of European solar investors and lenders.
23 March 2022
When it comes to storage, the US market exceeded a gigawatt of advanced energy storage installations (weighted towards lithium ion) at 1.46 GW, more than the previous six years in total! An exponential growth rate could see the market hit 7.5 GW p.a. by 2025. The summit will provide a wealth of content around this vital piece in the US power puzzle, with sessions dedicated to explore how companies are making money from batteries, the latest chemistries and their applications as they apply to different use-cases. We ask how investors can match ESG criteria to batteries and we will bring case studies of successful deployment and project execution onto the stage to examine how you can ensure your own projects are successful.
29 March 2022
Now in its 10th sell-out year, Large Scale Solar returns to Lisbon in 2022. We are excited to gather together face-to-face with the European solar industry as we provide unique and exclusive access to a powerful selection of the market's key stakeholders. Join this elite summit to find out how the market is maturing, which new markets are becoming more exciting, how technology is evolving and who's driving the market forward into the 2020s. Always senior, packed with developers, EPCs, utilities and investors this is the event for companies serious about European solar PV.

Read Next

January 21, 2022
Toronto-based renewables developer Amp Energy has closed on a US$350 million credit facility to advance on a global portfolio of renewables and battery energy storage assets.
January 21, 2022
India is at risk of a supply and demand mismatch for solar equipment if domestic PV manufacturers are unable to meet the quantity and quality required by project developers, Fitch Solutions has warned.
January 21, 2022
The European Commission has launched a public consultation on solar energy on the continent as it continues preparations to publish its solar strategy later this year.
January 21, 2022
US solar installer SunPower is to be hit by a cracking issue discovered in connectors associated with equipment installed in some commercial and industrial (C&I) projects, resulting in charges of around US$31 million.
PV Tech Premium
January 21, 2022
Greece is on track to accelerate solar deployment in the coming years, with the sector boosted by rising demand for renewable offtake agreements from corporations and clean energy policies from the EU, according to the general manager of Greek industrial group Mytilineos’s renewables business.
January 20, 2022
Mississippi authorities have expanded the state’s net metering programme to improve total compensation rates for solar customers and prioritise the adoption of distributed PV for low- to moderate-income (LMI) households.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
January 26, 2022
Free Webinar
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 8, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal