SOLAREDGE ANNOUNCES COLLABORATION WITH TESLA MOTORS TO OFFER DISTRIBUTED PV STORAGE SOLUTIONS TO THE GLOBAL MARKET
“Tesla’s collaboration with SolarEdge unites leading organizations in two rapidly-growing Industries—solar energy and energy storage."
FREMONT, CALIFORNIA—May 4, 2015—SolarEdge Technologies, Inc. ("SolarEdge") (NASDAQ: SEDG), a global leader in PV inverters, power optimizers, and module-level monitoring services, announced its collaboration with Tesla Motors ("Tesla") (NASDAQ:TSLA) to provide an inverter solution that will allow for grid and photovoltaic integration with Tesla's home battery solution, the Powerwall. The joint development by SolarEdge and Tesla builds on SolarEdge's DC optimized inverter solution and Tesla's automotive-grade energy storage technology to enable more cost-effective residential solar generation, storage, and consumption for the global market.
"Tesla's collaboration with SolarEdge unites leading organizations in two rapidly-growing
Industries—solar energy and energy storage—to bring homeowners a more cost-effective and integrated energy generation, storage, and consumption solution," said JB Straubel, CTO of Tesla. "SolarEdge's commitment to improving the value of PV systems through product innovation, combined with more than 1.3 GW of successful deployments, makes it an ideal partner for Tesla to develop and introduce this new energy storage solution to the PV market."
The new offering is expected to present a number of benefits to homeowners, from serving as a backup power source in the event of an electrical outage, to maximizing self-consumption, and enabling energy independence.
"Like SolarEdge, Tesla recognizes the need and opportunity to develop innovative solutions designed to lower the cost of solar energy and make clean, renewable energy more feasible for customers around the world," stated Lior Handelsman, Marketing and Product VP of SolarEdge. "Tesla's industry leading battery storage technology makes it a natural fit for this endeavor. Together, we are taking the first step towards widespread adoption of integrated solar energy generation and storage in the residential market."
Designed to manage both functions with just one SolarEdge DC optimized inverter, the solution will allow for outdoor installation and will include remote monitoring and troubleshooting to keep operations and maintenance costs low. The solution will also support upgrading existing SolarEdge systems with the storage solution.
For enhanced safety, the solution is designed to employ SolarEdge's SafeDC architecture, which enables safe voltage levels in the event of inverter or grid disconnection to safeguard workers, homeowners, and firefighters. Additionally, the system will feature integrated rapid shutdown functionality, in full compliance with the National Electrical Code 2014, 690.12 (1) through (4).
The SolarEdge solution is expected to be available by the end of 2015.
About SolarEdge Technologies
SolarEdge provides an intelligent inverter solution that has changed the way power is harvested and managed in solar photovoltaic systems. The SolarEdge DC optimized inverter system maximizes power generation at the individual PV module-level while lowering the cost of energy produced by the solar PV system. The SolarEdge system consists of power optimizers, inverters and a cloud-based monitoring platform and addresses a broad range of solar market segments, from residential solar installations to commercial and small utility-scale solar installations.