With governments and automotive manufacturers committed to the electrification of transportation, the global market for electric vehicles is expected to expand and a number of new players entering this market.
Corroborating this trend, SolarEdge, a leader in smart energy has announced that it is set to acquire SMRE, a company that provides innovative integrated powertrain technology and electronics for electric vehicles.
SMRE has three business units: e-mobility, automated production machines and telematics software. The company has more than fifteen years of experience developing end-to-end e-mobility solutions for electric and hybrid vehicles used in motorcycles, commercial vehicles and trucks. These solutions include innovative high-performing powertrains with e-motor, motor drive, gearbox, battery, BMS, chargers, Vehicle Control Unit (VCU) and software for electric vehicles.
The initial acquisition entails a purchase from the founder and an additional two stockholders of approximately 51% of the outstanding shares of SMRE pursuant to a standard share purchase agreement, for an aggregate investment of approximately $77 million.
Source: Press Release