SolarEdge, an Israeli producer of alternative energy resources, is set to acquire the entire share capital of Hark Systems Ltd, a British firm that offers a 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.
Founded in 2006, SolarEdge is a global leader in smart energy technology. The company states that it creates smart energy solutions that “power our lives and drive future progress.”
SolarEdge developed the DC optimized inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge intelligent inverter solution maximizes power generation while lowering the cost of energy produced by the PV system, for improved RoI.
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SolarEdge first went public in January 2021. At the time it set a record for an Israeli public corporation, hitting a valuation of almost $18 billion. Today its market cap is still above $17 billion.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.
Founded in 2016, Hark boasts that its 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.
“Hark’s SaaS platform will enable us to grow our extensive commercial and industrial energy management portfolio and offer additional services to our C& 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.