SolarEdge to Acquire Hark Systems, a European-Based Energy Analytics and IoT Company
January 03 2023 - 10:30AM
Business Wire
Hark’s capabilities will expand SolarEdge’s
monitoring and energy management offering to the Commercial and
Industrial segment
SolarEdge Technologies, Inc. (“SolarEdge”) (NASDAQ: SEDG), a
global leader in smart energy technology, announced today that it
has entered into a definitive agreement to acquire the entire share
capital of Hark Systems Ltd. (“Hark”). Founded in 2016 and based in
Leeds, UK, Hark offers a highly flexible Software as a Service
(SaaS) Internet of Things (IoT) platform that allows enterprises
and asset operators to connect, analyze and optimize industrial
assets and energy in their commercial sites. Hark’s technology
enables rapid deployment and commissioning across multiple sites.
Hark’s customer base is comprised of diverse industries, including
some of the largest supermarket chains in the UK.
The acquisition of Hark is expected to enable SolarEdge to offer
its commercial and industrial (C&I) customers expanded
capabilities in energy management and connectivity, including
identification of potential energy savings, detection of anomalies
in assets’ energy consumption, and optimization of energy usage and
carbon emissions through load orchestration and storage
control.
“Hark’s SaaS platform will enable us to grow our extensive
commercial and industrial energy management portfolio and offer
additional services to our C&I customers,” said Zvi Lando,
CEO, SolarEdge Technologies. “Coupled with our smart energy
solutions, Hark’s advanced technological capabilities can provide
enterprises with greater transparency and control of their energy
usage and carbon emissions.”
“SolarEdge has revolutionized how solar energy is harvested and
managed and has deployed millions of smart energy management
systems globally. We are excited to be able to be a part of the
SolarEdge offering and join their global infrastructure to assist
enterprises in the C&I market to manage their energy in a more
efficient and sustainable way,” said Jordan Appleson, CEO and
Co-Founder, Hark Systems.
The acquisition is subject to certain customary closing
conditions and regulatory approvals and is expected to close during
the second quarter of 2023.
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
About Hark
Hark is an award-winning Energy Analytics and Industrial IoT
company based in Leeds, UK. Founded in 2016, Hark's technology
enables enterprises to improve efficiency, reduce waste and
maximize yield by connecting to, providing visibility of, and
automatically controlling assets such as energy meters, building
management systems and industrial systems. Hark's cloud and edge
technology securely streams data from entire estates at an
asset-specific level and analyses that data in real time, providing
actionable information for Energy Managers and Asset Operators. The
Hark Platform’s intuitive user interface, asset connectivity
technology, automations and custom dashboards enable rapid solution
deployment for Energy Management, Asset Health Management, and
Industrial Maintenance. Find out more: https://harksys.com
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version on businesswire.com: https://www.businesswire.com/news/home/20230103005456/en/
Lily Salkin, Global Public and Media Relations Manager
Lily.salkin@solaredge.com +972-522028240
Dana Noyman, Head of Corporate Communications and Global PR
dana.noyman@solaredge.com +972 54 999 8809
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