Israel-based SolarEdge has reported record revenue for the third quarter, racking up USD $236.6 million – up significantly year-over-year.
SolarEdge’s third quarter 2018 earnings summary state the result was up 4% from $227.1 million in Q2 and up 42% from $166.6 million year over year.
The company shipped 3 million of its power optimizers during the period (up nearly 1 million on Q3 2017), and 122,000 solar inverters – 1,083 megawatts capacity and up 32,000 units on Q3 2017.
A power optimizer is a form of panel-level optimisation (PLO). The device is a DC/DC converter connected to each solar panel that increases energy output by continually tracking the maximum power point (MPPT) of the module, plus enables panel level-monitoring. The SolarEdge Power Optimizer also features a safety mechanism whereby panel output is shut down in the scenario of a system’s inverter or grid power failing.
To date, the company has shipped 30.9 million of its power optimizers and 1.3 million SolarEdge inverters.
During Q3, SolarEdge also finalised the acquisition of Gamatronic Electronic Industries. Established in 1970, Gamatronic manufactures Uninterruptible Power Supply (UPS) systems, power supplies for telecommunications, control and management systems. Late last month, SolarEdge announced the appointment of Itai Rosenfeld, who spent 20 years with semiconductor chip-maker Applied Materials, as the General Manager of its UPS division.
As for the current quarter, SolarEdge forecast revenues to be within the range of USD $245 million to $255 million, and GAAP gross margins are expected to be within the range of 30% to 32%.
SolarEdge Batteries On The Horizon
It may not be long before we see SolarEdge-branded batteries on the market.
“In the first weeks of October, we also signed and closed the Kokam acquisition which will expand our smart energy offerings, adding proven battery storage options to our product portfolio,” said Guy Sella, Founder, Chairman and CEO of SolarEdge when commenting on the company’s Q3 results and more recent activities.
South Korea based battery manufacturer Kokam produces energy storage solutions for the utility scale ESS, UPS, electric vehicle (EV), aerospace, marine, home solar battery storage and other sectors.
SolarEdge announced its intentions to the market regarding Kokam on October 11 in and finalised the transaction on October 17. It now owns approximately 75% of Kokam Co., Ltd, and intends purchasing remaining outstanding equity shares currently listed on Korea’s OTC (over-the-counter) exchange through open-market purchases and otherwise.
SolarEdge says the Kokam acquisition will provide access and control to a steady supply chain of batteries to overcome market shortages.
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