
SolarEdge Technologies is planning to carry out a public offering of 2 million shares of its common stock, with proceeds to potentially fund acquisitions.
The inverter manufacturer intends to grant the underwriters a 30-day option from the date of the prospectus supplement to purchase up to an additional 300,000 shares.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
At the time of publication, SolarEdge shares were priced at US$311, having fallen just over 5% in early trading.
The company said it intends to use the net proceeds from the offering “for general corporate purposes, which may include acquisitions”. Currently, it does not have agreements or commitments for any acquisitions.
Previous M&A deals from SolarEdge include the acquisition of a majority stake in South Korean battery energy storage system manufacturer Kokam in 2018 before it went on to buy Italy-headquartered EV electronics supplier SMRE months later.
SolarEdge shipped 7.2GWac of inverters last year, up on 6.1GWac of shipments in 2020, as its solar unit’s 2021 revenues jumped 32% year-on-year to US$1.79 billion.
“The global demand for solar energy across all segments and geographies is extremely strong and generating unprecedented demand for our products,” CEO Zvi Lando said following publication of the company’s 2021 results last month.
As part of efforts to lower freight costs and reduce the impact of tariffs on imports, the company revealed it is ramping up shipments to the US from a new facility in Mexico.