Israeli Solar Startup Eyeing $100m IPO

SolarEdge, which develops solar power optimizing systems, is 'in talks with financial institutions for a New York listing,' reports Bloomberg.

new-hdc-logo
Haaretz
Send in e-mailSend in e-mail
Contractors installing solar panels on the roof during construction of a new IKEA store in Miami, Florida, U.S., on Tuesday, May 20, 2014.
Contractors installing solar panels on the roof during construction of a new IKEA store in Miami, Florida, U.S., on Tuesday, May 20, 2014. Credit: Bloomberg
new-hdc-logo
Haaretz

An Israeli solar power startup intends to raise over $100 million in an initial public offering next year, Bloomberg reported Sunday.

SolarEdge Technologies, which develops solar power optimizing systems, is "in talks with financial institutions for a New York listing next summer," according to Bloomberg, which spoke to two people who spoke anonymously because the plans are not yet 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, told Bloomberg by telephone on Sunday. While he decline to discuss details of a potential IPO, he conceded, “It’s very hard to grow a large company on private money.”

SolarEdge, based in Hod Hasharon, was founded in 2006. The company provides a photovoltaic monitoring solution that maximizes "the power generation of residential, commercial and large-scale PV system installations," according to its website. It raised $37 million in a funding round led by Norwest Venture Partners in 2011.

The company says it has shipped over two million power optimizers to 45 countries.

Click the alert icon to follow topics:

Comments

SUBSCRIBERS JOIN THE CONVERSATION FASTER

Automatic approval of subscriber comments.
From $1 for the first month

Already signed up? LOG IN

ICYMI

Charles Lindbergh addressing an America First Committee rally on October 3, 1941.

Ken Burns’ Brilliant ‘The U.S. and the Holocaust’ Has Only One Problem

The projected rise in sea level on a beach in Haifa over the next 30 years.

Facing Rapid Rise in Sea Levels, Israel Could Lose Large Parts of Its Coastline by 2050

Tal Dilian.

As Israel Reins in Its Cyberarms Industry, an Ex-intel Officer Is Building a New Empire

Queen Elizabeth II, King Charles III and a British synagogue.

How the Queen’s Death Changes British Jewry’s Most Distinctive Prayer

Newly appointed Israeli ambassador to Chile, Gil Artzyeli, poses for a group picture alongside Rabbi Yonatan Szewkis, Chilean deputy Helia Molina and Gerardo Gorodischer, during a religious ceremony in a synagogue in Vina del Mar, Chile last week.

Chile Community Leaders 'Horrified' by Treatment of Israeli Envoy

Queen Elizabeth attends a ceremony at Windsor Castle, in June 2021.

Over 120 Countries, but Never Israel: Queen Elizabeth II's Unofficial Boycott