HERZLIYA, Israel, SANTA CLARA, Calif. –– July 19, 2011 — Silicon Valley Bank, the commercial banking division of SVB Financial Group (Nasdaq: SIVB) and financial partner to technology companies worldwide, today announced that it has provided SolarEdge Technologies, Inc., a leading provider of end-to-end solar photovoltaic (PV) power optimization solutions, with an $8.0 million credit facility.
SolarEdge, a leading provider of end-to-end distributed solar power harvesting and PV monitoring solutions, operates across Israel, Europe, the US and APAC, is backed by a leading venture capital syndicate. It will use the facility to support working capital requirements and other near-term growth initiatives.
Commenting on the deal, David Cohen, General Manager of SVB Israel Advisors Ltd. (“SVB Israel”), today said: “SolarEdge is a fast growing company with ambitious plans for the future. Not only is the business run by an impressive management team with whom SVB Israel has built a great partnership, but it is also backed by a top tier venture capital syndicate that we are fully aligned with. Together, SolarEdge and its investors have done an exceptional job building this business into a well-positioned company.”
Guy Sella, Chairman and CEO of SolarEdge, added: “We regard Silicon Valley Bank as a strong and capable partner that understands our business model and offers us an unrivalled global network of contacts and experience within the technology space. This is an exciting time for SolarEdge and we are confident that Silicon Valley Bank will contribute significantly toward our achievement of our business goals in the solar power market.”
SolarEdge has developed cutting edge technology with power optimizers that maximize return on investment throughout the solar photovoltaic system’s lifecycle: independent maximum power point tracking for each PV module ensures optimal energy yield. Site operation and maintenance cost is reduced through module-level PV monitoring for automatic remote diagnosis of underperforming modules. Safety is ensured with automatic module shut off during installation, maintenance and fire-fighting.
SVB Financial Group has been working with companies and investors in Israel since the late 1990s, providing its clients and partners in the region the benefit of nearly 30 years of experience dedicated to helping entrepreneurial companies of all sizes succeed. SVB Israel was established in Herzliya in January 2008 to establish a more significant presence in the local market and today offers Israeli-based clients access to financial services, including debt financing, deposit services and treasury management.
In addition to SVB Israel, SVB Financial Group has international operations in China, India and the United Kingdom through which it offers its clients access to the company’s network of relationships with technology and life science companies and venture capital investors worldwide.
About Silicon Valley Bank Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 26 U.S. offices and seven international operations. (Nasdaq: SIVB) www.svb.com
SVB Israel Advisors Ltd. is a subsidiary of SVB Financial Group. Neither SVB Israel Advisors nor SVB Financial Group is licensed to conduct banking business or provide other financial services in Israel and neither engages in unlicensed banking activities. Banking services provided by Silicon Valley Bank, a member of FDIC.
To learn more, visit SolarEdge at Intersolar North America, Moscone West, Level 1, booth no, 7359.
About SolarEdge SolarEdge Technologies, Inc. provides end-to-end distributed solar power harvesting and PV monitoring solutions, allowing maximum energy production for faster return on investment. The SolarEdge power optimizers perform MPPT per individual panel while monitoring performance of each panel and communicating across existing power lines. Moreover, a fixed DC string voltage is maintained, allowing optimal efficiency of the SolarEdge PV inverter, which is tailor made to work with power optimizers. As a result, the SolarEdge system provides optimal power, while enabling flexible design and optimal roof utilization. Module-level and whole-system visibility enhance monitoring and maintenance capabilities and the unique SafeDC™ mechanism shuts down module voltage during installation, maintenance and firefighting for greater safety. SolarEdge is online at www.solaredge.com