SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in
smart energy technology, today announced safe harbor agreements
with two of the largest installers and financers of residential
solar installations in the United States, as well as its second
sale of §45X Advanced Manufacturing Production Tax Credits.
Safe harbor agreements signed with key US residential solar
installation and financing companies
In late December, the Company signed safe harbor agreements with
Sunrun (Nasdaq: RUN), as well as with one of the largest financers
of residential solar installations in the United States. Under the
agreements, SolarEdge will provide inverters, Power Optimizers and
batteries manufactured at its facilities in the United States,
which, when paired with other U.S. made equipment, are expected to
enable its partners to qualify for domestic content bonus tax
credits. Deliveries under the safe harbor agreements are expected
to take place throughout 2025.
By safe harboring domestically produced inverters, Power
Optimizers, and batteries, SolarEdge’s installation and financing
partners plan to lock in prevailing investment and domestic content
bonus tax credits, providing business planning clarity and greater
certainty around project economics.
Transaction for the sale of §45X Advanced Manufacturing
Production Tax Credits
In late December, the Company also closed its second transaction
for the sale of §45X Advanced Manufacturing Production Tax Credits.
The transaction includes a portion of the credits that were
generated in the third quarter of 2024 that were backed by both
U.S. manufactured inverters and U.S. manufactured Power Optimizers,
making them eligible for the 11c/w advanced manufacturing
production credit. The transaction was facilitated by the Crux
platform.
Bertrand Vandewiele, General Manager of SolarEdge in North
America, said: “We are proud to be supporting two of the
largest installers and financers of residential solar installations
in the United States with our U.S. manufactured technology,
including inverters, Power Optimizers and batteries. These
agreements will help our partners to secure a reliable supply of
high-quality, domestically-produced equipment.”
Shuki Nir, Chief Executive Officer of SolarEdge, said:
“The safe harbor agreements and 45X credit sale announced today are
important milestones on our recovery path. They improve visibility
into our business outlook, and we believe that they will enhance
our cash position, strengthen our balance sheet and further advance
our priority of financial stability. I look forward to sharing
further updates on our progress in the quarters ahead.”
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, and grid services solutions. SolarEdge is
online at www.solaredge.com
Forward-Looking Statements:
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995
as contained in Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements include information,
among other things, concerning: possible or assumed future results
of operations; future demands for solar energy solutions;
statements regarding our safe harbor agreements and deliveries
under the same; our competitive positioning; cost action plans
associated cost-savings; improved operational efficiency; business
strategies; industry and regulatory environment; general economic
conditions; potential growth opportunities; cancellations and
pushouts of existing backlog; installation rates; and the effects
of competition. These forward-looking statements are often
characterized by the use of words such as “anticipate,” “believe,”
“could,” “seek,” “estimate,” “expect,” “intend,” “may,” “plan,”
“potential,” “predict,” “project,” “should,” “will,” “would” or
similar expressions and the negative or plural of those terms and
other like terminology.
Forward-looking statements are only predictions based on our
current expectations and our projections about future events. These
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
levels of activity, performance or achievements to be materially
different from those expressed or implied by the forward-looking
statements. Given these factors, you should not place undue
reliance on these forward-looking statements. These factors
include, but are not limited to, our ability to deliver on our
restructuring plan and efforts and workforce reduction initiative;
our future cash payments associated with these initiatives; ability
to benefit from safe harbor agreements and deliveries under the
same; potential future impairment charges; future demand for
renewable energy including solar energy solutions; changes,
elimination or expiration of government subsidies and economic
incentives for on-grid solar energy applications; changes in the
U.S. trade environment; federal, state, and local regulations
governing the electric utility industry with respect to solar
energy; changes in tax laws, tax treaties, and regulations or the
interpretation of them, including the Inflation Reduction Act; the
retail price of electricity derived from the utility grid or
alternative energy sources; interest rates and supply of capital in
the global financial markets in general and in the solar market
specifically; competition, including introductions of power
optimizer, inverter and solar photovoltaic system monitoring
products by our competitors; developments in alternative
technologies or improvements in distributed solar energy
generation; historic cyclicality of the solar industry; product
quality or performance problems in our products; our ability to
forecast demand for our products accurately and to match production
to such demand as well as our customers’ ability to forecast demand
based on inventory levels; our dependence upon a small number of
outside contract manufacturers and limited or single source
suppliers; capacity constraints, delivery schedules, manufacturing
yields, and costs of our contract manufacturers and availability of
components; delays, disruptions, and quality control problems in
manufacturing; existing and future responses to and effects of
pandemics, epidemics, or other health crises; disruption in our
global supply chain and rising prices of oil and raw materials as a
result of various conflicts, including the evolving state of war in
Israel; our customers’ financial stability and our ability to
retain customers; our ability to retain key personnel and attract
additional qualified personnel; our ability to manage effectively
the growth of our organization and expansion into new markets and
integration of acquired businesses; unrest and terrorism;
macroeconomic conditions in our domestic and international markets,
as well as inflation concerns, financial institutions instability,
rising interest rates, and recessionary concerns; consolidation in
the solar industry among our customers and distributors; cyber
incidents; and other matters discussed in the section entitled
“Risk Factors” of our Annual Report on Form 10-K for the year ended
December 31, 2023, filed on February 26, 2024 and our quarterly
reports filed on Form 10-Q, Current Reports on Form 8-K and other
reports filed with the SEC. All information set forth in this press
release is as of the date of this press release. The Company
undertakes no duty or obligation to update any forward-looking
statements contained in this release, whether as a result of new
information, future events or changes in its expectations or
otherwise, except as may be required by applicable law, regulation
or other competent legal authority.
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version on businesswire.com: https://www.businesswire.com/news/home/20250106787233/en/
Press Contact SolarEdge Technologies, Inc. Lily Salkin
Senior Global Manager of Public Relations
Lily.salkin@solaredge.com
Investor Contacts SolarEdge Technologies, Inc. JB Lowe,
Head of Investor Relations investors@solaredge.com
Sapphire Investor Relations, LLC Erica Mannion or Michael Funari
investors@solaredge.com
SolarEdge Technologies (NASDAQ:SEDG)
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