Photovoltaic inverter manufacturer SolarEdge Technologies (NASDAQ: SEDG) has agreed to acquire a majority stake in Kokam, a South Korean provider of battery cells and energy storage solutions.

SolarEdge will invest approximately $88 million to acquire 75% of outstanding equity shares of Kokam. Over time, SolarEdge intends to purchase the remaining shares of Kokam, making it a wholly-owned subsidiary.

Founded in 1989, Kokam provides battery solutions for a variety of applications, including the EV, UPS, aerospace and marine markets. It has customers in over 50 countries and boasts over 60 battery-related patents.

“The acquisition of Kokam will enable us to grow our offering, adding already proven battery storage to our product portfolio,” said Guy Sella, CEO of SolarEdge. “Our technological innovation, combined with Kokam’s world-class team and renowned battery storage solutions, will enable seamless integration with our current solutions.”

Source: SolarEdge