SolarEdge to Acquire UK-Based Hark Systems

SolarEdge Technologies (NASDAQ: SEDG) shares climbed in Tuesday's session, while it is down around 0.46% premarket Wednesday after the company said it has entered into an agreement to acquire Hark Systems.

Leeds, UK-based Hark Systems was founded in 2016 and offers a Software as a Service (SaaS) Internet of Things (IoT) platform that lets businesses and asset operators connect, analyze and optimize industrial assets and energy in their commercial sites.

SolarEdge said the acquisition of Hark, which is expected to close in the second quarter of 2022, is anticipated to enable it to offer its commercial and industrial customers expanded capacities in energy management and connectivity. These expanded capabilities include detecting anomalies in assets' energy consumption, identifying potential energy savings, and optimising energy usage and carbon emissions via load orchestration and storage control.

They added that Hark's technology allows for rapid deployment and commissioning across multiple sites. Hark's current customer base comprises various industries, including large supermarket chains in the UK.

Zvi Lando, the CEO of SolarEdge Technologies, said Hark's SaaS platform will enable the company to grow its “extensive commercial and industrial energy management portfolio and offer additional services.”

“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,” he added.