SolarEdge signs deal (company Twitter post)
In yet another incredible example of the continuing thaw between Israel and its longtime Arab adversaries, SolarEdge, an Israeli producer of alternative energy resources, formed a joint venture (JV) with Saudi Arabia’s Ajlan & Bros Holding (ABH), one of the largest private sector conglomerates in the Middle East and North Africa region. The JV entity will be established in Riyadh, Kingdom of Saudi Arabia.
It’s incredible how far Israel has come since the Abraham Accords were signed just three years ago. That deal brought peace between Israel and two Arab Gulf Nation, the UAE and Bahrain. And now comes word of the increased likelihood of a peace deal being struck between Israel and Saudi Arabia, after a period of unprecedented cooperation between the nations and many levels. So, the news that Israeli firm SolarEdge is now working with the Saudis comes as little surprise.
The two firms said the JV is being formed to support the deployment of smart renewable energy solutions in Saudi Arabia, in-line with the Saudi Vision 2030 initiative that aims to reduce the country’s dependence on oil by the end of this decade. Leveraging the established position of ABH in Saudi Arabia and the vast experience accumulated by SolarEdge in smart energy technology, the JV will offer enterprises in the country solutions from SolarEdge’s portfolio of systems for energy generation, storage, and management as well as site modeling and energy transition consultancy.
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Ajlan & Bros Holding is one of the largest private sector conglomerates in the Middle East and North Africa region, with a significant presence across more than 25 countries and 75 companies. With a diverse portfolio, Ajlan & Bros Holding operates and invests in multiple industries, including Water, Power, Environment, Oil & Gas, Healthcare, Food Security, Facility Management, Tourism, Logistics, Industrial Manufacturing, Real Estate, Textiles, Technology, Mining and Minerals, FMCG, Events & Entertainment, Gaming, Financial Services, Fintech, and Hospitality.
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.
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.
Zvi Lando, SolarEdge Chief Executive Officer said, “We are honored to partner with Ajlan & Bros Holding and to support Saudi Arabia’s journey towards ‘Vision 2030’. SolarEdge is committed to driving the clean energy transition on a global scale, exemplified by this JV which will provide local enterprises in Saudi Arabia with the support they need to rapidly transition away from fossil fuels to clean solar energy and meet their aggressive renewable energy goals.”
