- This collaboration is part of SolarEdge’s domestic
manufacturing plans that have already created ~1,750 new jobs in
Tampa, Florida, and Austin, Texas
SolarEdge Technologies, Inc. (“SolarEdge”) (NASDAQ: SEDG) and
Summit Ridge Energy (SRE), a leading commercial solar company,
announced their partnership for the supply of SolarEdge’s inverters
and Power Optimizers, domestically-manufactured in Tampa,
Florida.
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2.4MW rooftop solar project located in
Belcamp, MD (Photo: Business Wire)
SRE is expected to standardize its rooftop solar installations
with SolarEdge inverter solutions for commercial solar. These
projects are estimated to exceed 100MW, with SRE anticipating
continued growth as their development pipeline expands. Initial
shipments from Florida are expected to begin in April 2025.
“This partnership with SolarEdge highlights our unwavering
commitment to using American-made components in 100% of our solar
energy projects. By leasing large-scale industrial rooftops across
Maryland and Illinois, we’re able to enhance the resilience of
local electric grids, support domestic supply chains and create
valuable job opportunities for American workers,” said Mike
Dillon, Senior Vice President of Operations at Summit Ridge
Energy. “Together with SolarEdge, we’re proud to be investing
in a future of American energy independence and a strengthened
economy.”
“We are thrilled to strengthen our longstanding partnership with
the team at Summit Ridge and expand our manufacturing footprint in
the United States,” said Naama Ohana, Chief of C&I Division
at SolarEdge. “This collaboration underscores the importance of
the clean energy and advanced manufacturing credits, which help
ensure the fiscal certainty to invest in local manufacturing and
bring thousands of new jobs and technological expertise to American
soil. Summit Ridge Energy has a steadfast commitment to U.S. energy
independence and security, and we are proud to be working together
to provide access to essential and best-in-class technologies,
bringing more power, efficiency, and safety to the local
industry.”
SolarEdge’s domestically manufactured inverters and Power
Optimizers enable independent power producers like Summit Ridge to
source key solar components from within the United States.
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. Visit us at:
solaredge.com
About Summit Ridge Energy
As the nation’s leading commercial solar companies, Summit Ridge
Energy merges financial innovation and industry-leading execution
to deliver locally generated energy via a more resilient and secure
electric grid. This has made Summit Ridge one of the
fastest-growing energy companies in America, with over 2GW of solar
power operating and in development.
Since launching in 2017, Summit Ridge Energy has raised over $5B
in project capital to finance more than 200 solar farms, providing
energy savings to more than 40,000 homes and businesses while
contributing to American energy independence. Learn more at
srenergy.com.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
This press release contains forward looking statements which are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements include information, among other things, concerning:
rooftop solar installations projects, continued growth, timing of
shipments, support of domestic supply chains, creation of job
opportunities for American workers, expansion of our manufacturing
footprint in the United States and the importance of the clean
energy and advanced manufacturing credits. 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 rooftop
solar installations projects; our continued growth; timing of
shipments; our ability to create job opportunities for American
worker; our ability to expand manufacturing footprint in the United
States; our ability to continue to receive and derive benefits from
advanced manufacturing credits; our ability to deliver on our
restructuring plan and efforts and workforce reduction initiative;
our future cash payments associated with these initiatives;
potential future cost savings associated with such initiatives;
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; 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 press 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250114132257/en/
Press Contact Lily Salkin, Senior Global Manager of
Public Relations Lily.salkin@solaredge.com
Investor Contact JB Lowe, Head of Investor Relations
investors@solaredge.com
Global Government Affairs Contact Liz Reicherts, Global
Head of Government Affairs Liz.Reicherts@solaredge.com
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