Sunday, September 7, 2014

Israel’s SolarEdge to Raise Over $100 Million New York IPO

SolarEdge Technologies Inc., a developer of solar power optimizing systems, plans to raise more than $100 million in an initial public offering next year, according to two people familiar with the matter.
The Hod Hasharon, Israel-based company, whose financial backers include a General Electric Co. investment arm, is in talks with financial institutions for a New Yorklisting next summer, said the people, asking not to be identified because the plans aren’t public.
“We have all intentions to become one of the largest players in the market and doing that in this market requires a lot of money,” Ronen Faier, SolarEdge’s chief financial officer, said in a telephone interview today. Faier declined to discuss details of a potential IPO plan next year. “It’s very hard to grow a large company on private money.”
SolarEdge in 2011 raised $37 million in a funding round led by Norwest Venture Partners. Other existing investors include Opus Capital Venture Partners LP, Walden International Inc., Genesis Partners, Vertex Venture Capital, Lightspeed Venture Partners and General Electric Co.’s GE Energy Financial Services unit. SolarEdge is looking to expand its Asia operations, Faier said.
Founded in 2006, the company says it has shipped over 2 million power optimizers to more than 45 countries worldwide and its installations can be found in five continents, according to the company’s website. Annual sales are ’’well north of $100 million,’’ and the company is approaching profitability, according to Faier.

Source: Bloomberg

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