Global smart energy technology provider SolarEdge Technologies has entered definitive agreements to acquire a significant stake in South Korea’s lithium-ion (li-ion) battery cells and energy storage solutions provider Kokam.

The acquisition of a 75% stake in the company represents an aggregate investment of about $88m, including related transaction expenses.

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“The acquisition of Kokam will enable us to grow our offering, adding already proven battery storage to our product portfolio.”

Established in 1989, Kokam has been manufacturing battery solutions for a range of industries, including energy storage systems (ESS), UPS, electric vehicles (EV), aerospace, and marine sectors.

With more than 60 battery-related patents and a total of 708MW hours of field performance, Kokam provides innovative battery solutions.

SolarEdge founder, chairman and CEO Guy Sella said: “The acquisition of Kokam will enable us to grow our offering, adding already proven battery storage to our product portfolio.

“Our technological innovation combined with Kokam’s world-class team and renowned battery storage solutions will enable seamless integration with our current solutions, taking us a further step toward making solar installations smarter and more beneficial.”

Completion of the deal is subject to customary closing conditions and is expected to take place in the coming weeks.

Going forward, SolarEdge intends to purchase the remaining outstanding equity shares of Kokam, which are currently listed on the Korean over the counter exchange through open-market purchases, and make the company its wholly-owned subsidiary.

Headquartered in Israel, SolarEdge has been offering smart energy technology to a broad range of energy market segments through its PV, storage, EV charging, UPS, and grid services solutions.