Ajlan & Bros Holding and SolarEdge Technologies form Joint Venture to Accelerate Solar Adoption in the Kingdom of Saudi Arabia
July 31 2023 - 7:52AM
Business Wire
SolarEdge Technologies, Inc. ("SolarEdge") (NASDAQ: SEDG), a
global leader in smart energy technology, announced today the
forming of a joint venture (JV) with Ajlan & Bros Holding
(ABH), one of the largest private sector conglomerates in the
Middle East and North Africa region. The JV entity will be
established in Riyadh, Kingdom of Saudi Arabia.
The JV is being formed to support the deployment of smart
renewable energy solutions in Saudi Arabia, in-line with the Saudi
Vision 2030 initiative that aims to reduce the country’s dependence
on oil by the end of this decade. Leveraging the established
position of ABH in Saudi Arabia and the vast experience accumulated
by SolarEdge in smart energy technology, the JV will offer
enterprises in the country solutions from SolarEdge’s portfolio of
systems for energy generation, storage, and management as well as
site modeling and energy transition consultancy.
Zvi Lando, SolarEdge Chief Executive Officer said: “We
are honored to partner with Ajlan & Bros Holding and to support
Saudi Arabia’s journey towards ‘Vision 2030’. SolarEdge is
committed to driving the clean energy transition on a global scale,
exemplified by this JV which will provide local enterprises in
Saudi Arabia with the support they need to rapidly transition away
from fossil fuels to clean solar energy and meet their aggressive
renewable energy goals.”
The JV will be jointly managed by a talented team of experienced
professionals from both companies, with ABH as the majority
shareholder.
About Ajlan & Bros Holding
Ajlan & Bros Holding is one of the largest private sector
conglomerates in the Middle East and North Africa region, with a
significant presence across more than 25 countries and 75
companies. With a diverse portfolio, Ajlan & Bros Holding
operates and invests in multiple industries, including Water,
Power, Environment, Oil & Gas, Healthcare, Food Security,
Facility Management, Tourism, Logistics, Industrial Manufacturing,
Real Estate, Textiles, Technology, Mining and Minerals, FMCG,
Events & Entertainment, Gaming, Financial Services, Fintech,
and Hospitality. Employing over 15,000 people, the conglomerate has
established itself as a major player in the global market, with
international investments across various asset classes such as
private equities, stock markets, and real estate.
About SolarEdge
SolarEdge is a global leader in smart energy technology. By
leveraging world-class engineering capabilities and with a
relentless focus on innovation, SolarEdge creates smart energy
solutions that power our lives and drive future progress. SolarEdge
developed an intelligent inverter solution that changed the way
power is harvested and managed in photovoltaic (PV) systems. The
SolarEdge DC optimized inverter seeks to maximize power generation
while lowering the cost of energy produced by the PV system.
Continuing to advance smart energy, SolarEdge addresses a broad
range of energy market segments through its PV, storage, EV
charging, batteries, electric vehicle powertrains, and grid
services solutions. Visit us at: solaredge.com
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version on businesswire.com: https://www.businesswire.com/news/home/20230731072920/en/
Investor Contact JB Lowe, Head of Investor Relations
investors@solaredge.com
Press Contact Lily Salkin, Global Public and Media
Relations Manager Lily.salkin@solaredge.com
Dana Noyman, Head of Corporate Communications and Global PR
dana.noyman@solaredge.com
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