March 19, 2022
At a price of $ 295 per share, about 10% lower than the market price. The company clarified that it is not currently signing an agreement or commitment to purchase. In 2021, its revenues peaked at $ 1.96 billion
SolarEdge9 announced on Thursday its intention to raise about $ 590 million, through a private placement of about 2 million shares of the company to institutional investors. The stock was lower than the market price, the company’s stock traded down in the last two trading days of the week and closed the trading week at $ 312 per share.
Solar-Edge stated that the capital will be used for the company’s current needs, including for the purpose of financing possible acquisitions. However, the company stressed that at this stage no agreements or commitments were made to make purchases. In recent years, Solar-Edge has made three strategic acquisitions that have expanded its operations beyond the solar market. Since 2018, Solar-Edge has acquired the South Korean lithium battery maker Kokam, the Israeli non-stop systems manufacturer Gemtronic and the Italian SMRE, which specializes in propulsion systems for electric vehicles.
Solar-Edge revenues in 2021 grew 35% to a record $ 1.96 billion. In the fourth quarter of 2021, the company’s revenue jumped 54% to a record $ 551 million. In September 2020, Solar-Edge raised $ 550 million by issuing convertible bonds at a price of $ 277 per share.
Posted in categories: Energy and Environment, Raising Capital, News
Posted in tags: Solar-Edge
