Israeli firm SolarEdge expects to raise $100m through IPO in 2015

9 September 2014 (Last Updated September 9th, 2014 18:30)

Israeli-based photovoltaics company SolarEdge Technologies intends to raise over $100m through an initial public offering in 2015.

Israeli-based photovoltaics company SolarEdge Technologies intends to raise more than $100m through an initial public offering in 2015.

If the company goes ahead with its plan, it will be the latest to join a list of Israeli firms listing in the US.

The company intends to list in the third quarter of 2015 and is currently holding negotiations with financial institutions, reports Bloomberg, citing people familiar with the matter.

As per the data compiled by Bloomberg since the beginning of 2014, six Israeli firms sought listing in the US.

Currently, around four more IPO plans are pending; so far, Israeli firm Mobileye NV's $1bn IPO in July has been the biggest in the US.

In a telephone interview with the publication, SolarEdge chief financial officer Ronen Faier said, "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."

Faier, however, did not divulge any details regarding the IPO plans.

"The company so far has sold more than two million power optimisers to more than 45 countries across the world."

"It's very hard to grow a large company on private money," Faier added.

In 2011, SolarEdge was successful in raising $37m through a funding round, which was led by Norwest Venture Partners.

Opus Capital Venture Partners, Walden International, Genesis Partners, and GE Energy Financial Services unit have invested in the firm.

Wind and solar power are expected to contribute one-fifth of total power generation capacity by 2030 in the US and the company plans to tap into the potential of the renewable energy sector.

In addition to the US plans, SolarEdge is planning to expand its presence in Asia.

Established in 2006, the company so far has sold more than two million power optimisers to more than 45 countries across the world.

Defence Technology