SolarEdge is targeting a world where the “majority of solar systems will include storage”, according to CEO Guy Sella, as the company announced record revenues and shipments in the third quarter of 2018.
Sella hosted a conference call a few days ago to explain recent financial results, which were released at the beginning of this month. Our sister site PV Tech reported that in addition to surpassing 1GW of quarterly inverter shipments for the first time, SolarEdge enjoyed a 42% increase in year-on-year revenues, reaching US$236.6 million in the quarter, in contrast to some of its rival manufacturers which have experienced relative declines in quarterly sales.
Just over 50% of revenues came from sales in the US, Europe 35.4% and the rest of the world 14%. PV Tech senior news editor Mark Osborne highlighted that SolarEdge’s shipment growth trajectory is the “strongest it has been in years”.
While the conference call, which included a Q&A session with financial analysts, often focused on the pureplay solar side of the company’s business, including the possible impact of international trade tariffs relating to China, there were also several statements made by Sella and his fellow executives as well as questions from analysts relating to energy storage.
Solar, UPS and the Kokam acquisition
During the third quarter, SolarEdge concluded a deal to acquire UPS system provider Gamatronic, which was referred to. In addition, during the current quarter, not reported in the results for Q3, SolarEdge closed a deal to acquire South Korean lithium-ion battery manufacturer Kokam.
Sella said that as Kokam is involved with supplying batteries, including high power devices, in industries including “energy storage systems, UPS, EVs, aerospace, marine and more”, the acquisition positions SolarEdge well to “increase our competitiveness by offering smarter and more beneficial solutions” in a world where the “majority of solar systems will include storage”.
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