SolarEdge to Acquire Hark Systems, a European-Based Energy Analytics and IoT Company
Hark’s capabilities will expand SolarEdge’s global monitoring and energy management offering to the Commercial and Industrial segment
LEEDS, United Kingdom and MILPITAS, California - January 3, 2023 - SolarEdge Technologies, Inc. ("SolarEdge") (NASDAQ: SEDG), a global leader in smart energy technology, announced today that it has entered into a definitive agreement to acquire the entire share capital of Hark Systems Ltd. ("Hark"). Founded in 2016 and based in Leeds, UK. Hark offers a highly flexible 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. Hark's technology enables rapid deployment and commissioning across multiple sites. Hark's customer base is comprised of diverse industries, including some of the largest supermarket chains in the UK.
The acquisition of Hark is expected to enable SolarEdge to offer its commercial and industrial (C&I) customers globally 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.
"Hark's SaaS platform will enable us to grow our extensive commercial and industrial energy management portfolio and offer additional services to our C&I 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.
The acquisition is subject to certain customary closing conditions and regulatory approvals and is expected to close during the second quarter of 2023.