Smart energy tech firm SolarEdge Technologies has marked its entry into the UPS market with the acquisition of Israel-based Gamatronic Electronic Industries.
Gamatronic’s UPS business will “serve as a basis for a new SolarEdge business unit” under the terms of the deal, the companies said.
The acquisition is expected to close toward the end of the second quarter of 2018. Gamatronic will then operate as part of SolarEdge, a publicly traded company on NASDAQ with a market cap of more than $2.5 billion.
“SolarEdge intends to leverage its technological knowledge, operational excellence and expertise in electronics, along with the intellectual property, knowledge and presence of Gamatronic, in order to continue to lead the world of UPS systems,” Gamatronic said.
SolarEdge CEO Guy Sella said: “With the continued evolution in photovoltaic and storage, renewable energy can be affordable and abundant. We are moving closer to the day when everyone will produce, store, and sell their own energy. Our grid services aim to accelerate the transition to a more stable and cost-effective grid in which people have more control over their energy.”