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.

2 December 2021
Intersolar is the world’s leading exhibition & conference series for the solar industry. As part of this event series, Intersolar India in Mumbai is India’s most pioneering exhibition and conference for India’s solar industry. It takes place annually and has a focus on the areas of photovoltaics, PV production and solar thermal technologies. Since 2019, Intersolar India is held under the umbrella of The smarter E India – India’s innovation hub for the new energy world.
9 December 2021
The Smart Energy Council is hosting Australia’s second Virtual Smart Energy Conference and Exhibition on Thursday, 9 December 2021. This event will show that the industry powers on despite COVID-19 and we are standing together undeterred in spirit. Bringing our global community together using the latest technology.
13 January 2022
Intersolar North America and Energy Storage North America “Come Together” for the first time in Long Beach, CA—connecting installers, developers, utilities, technology providers, policy makers, and key stakeholders from around the world to advance the clean energy future. With best-in-class conference programming, integrated exhibits and pavilions, and the live Solar Games installer competition, #isnaesna21 will showcase the industry trends, innovative solutions, and emerging talent transforming the solar, energy storage, and e-mobility markets. Register today to redeem our exclusive offer for PV Tech readers—free expo hall or 20% off full conference pass.
1 February 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 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.

Read Next

December 1, 2021
Major US bank Wells Fargo has closed its maiden tax equity investment into a colocated solar-storage project currently under construction in New Mexico, US.
PV Tech Premium
December 1, 2021
The price of shipping containers from Asia to Europe and North America remains high but should start to come down in the new year, although the main price drops won’t occur in earnest until 2023 when new capacity is brought online. That additional capacity, however, may be offset by new International Maritime Organisation (IMO) rules to address the industry’s emissions
December 1, 2021
Enefit Green, the renewables subsidiary of Estonian state-owned utility Eesti Energia, is looking to procure up to 500MW of solar modules in the next three years.
December 1, 2021
Tech major Amazon has added a further 2GW to its committed utility-scale solar PV capacity, adding projects in the US and Europe to its renewables portfolio.
December 1, 2021
Global solar PV deployment is on track to grow by 17% this year in spite of surging commodity prices increasing manufacturing costs, according to the International Energy Agency (IEA).
December 1, 2021
The European Commission (EC) has approved the extension of Poland’s auction scheme for renewable resources that is predicted to support the creation of 9GW of renewables after it passed EU state aid rules

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 1, 2022
London, UK
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal