Israeli-American company SolarEdge signs agreement with Saudis

Israeli smart energy management company SolarEdge Technologies signed an agreement with Saudi Ajlan & Bros Holding Group Abilitii, a Riyadh-based private sector conglomerate, during US President Joe Biden’s visit to the kingdom on Friday and Saturday.

SolarEdge, a Nasdaq-listed, S&P 500-based company based in Herzliya and headquartered in California, was one of 13 “major US companies” that signed investment agreements with legal entities, the Saudi Arabian Ministry of Investment (MISA) said. . in a statement released on Saturday (without mentioning the Israeli origin of the company).

Chainpublication Jewish insiderrevealed the existence of these investment agreements on Sunday.

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This was reported by a person familiar with the deal with SolarEdge. Scheme that the department’s statement was “accurate”.

According to the Saudi Ministry, SolarEdge and Ajlan & Bros are to “explore the possibility of investing in renewable energy”, which also states that the 13 agreements “cover a number of sectors including energy, aerospace, defense, textiles, manufacturing, education. and tourism” and “build a longstanding economic relationship” between Saudi Arabia and the United States.

One of the agreements provides for a partnership between the ministry and aerospace giant Boeing “in areas related to the production of aircraft.”

SolarEdge has developed inverter systems for collecting and managing energy from photovoltaic (PV) systems. (Source: Screenshot/YouTube)

SolarEdge was founded in 2006 with the goal of making solar energy more accessible and more widely distributed. The company has developed inverters to manage the storage and use of solar photovoltaic (PV) energy. In 2010, the company commercialized SolarEdge’s optimized direct current (DC) inverter system to increase power generation and reduce the cost of power produced by the PV system.

As of July, the company has a market capitalization of $14.72 billion and is considered one of Israel’s top-rated companies, along with NICE Systems and cybersecurity giant Check Point Software Technologies.

The SolarEdge agreement is the first known public agreement between an Israeli company and a Saudi entity.

Installation equipped with SolarEdge technology. Picture. (Source: Screenshot/YouTube)

Israel and Saudi Arabia do not have official diplomatic relations, but clandestine ties have warmed up in recent years.

The kingdom has refrained from signing Washington’s 2020 Abraham Accords, as the US and Israel had hoped, but Riyadh would have given the green light to Bahrain, which it has decisive influence over, to join a normalization deal with Israel. along with the United Arab Emirates and Morocco.

Following the signing of these agreements, Saudi Arabia allowed Israeli airlines to use its airspace for flights to and from the Emirates and Bahrain.

Biden arrived in the Saudi city of Jeddah on Friday for a major regional conference aimed at restoring important diplomatic ties with Riyadh to bolster security in the Middle East and increase the global flow of oil.

In this photo published by the Saudi Press Agency (SPA), Crown Prince Mohammed bin Salman (right) greets President Joe Biden. Joe Biden with a check after arriving in Jeddah, Saudi Arabia on July 15, 2022 (Photo: Saudi Press Agency). via hotspot)

At the end of May, the daily business globes reported that dozens of Israeli technology entrepreneurs and businessmen traveled to Saudi Arabia for in-depth discussions on Saudi investment in Israeli companies and investment funds. The article said that since then, a number of agreements have been signed between Israelis and Saudis in Europe and elsewhere in both the civil and defense sectors, including a multi-million dollar agreement in the agricultural technology sector and a second agreement regarding Israeli water technology. .

The Saudis have also shown interest in Israeli medical and healthcare technology, as well as Israeli “products,” the article says without further details.

In an interview given Israel Times Israeli-American businessman Avi Yorish said last week that he led a group of about 50 prominent Jewish business leaders who traveled to the kingdom in May to meet with Saudi business and government officials.

The Saudis have a particular interest in Israeli startups and their technological innovations in water, food, defense and space, Yorish said. “There was a lot of interest and desire to use some of the opportunities that Israel has created,” Yorsich said. Israel Times.

Israeli-American businessman Avi Yorish in Medina, Saudi Arabia, leading a delegation of 50 Jewish businessmen (courtesy)

Also in May was wall street magazine it was reported that Saudi Arabia planned to allocate millions of dollars to invest in Israeli technology companies by using Kushner’s new private equity firm. Kushner, Trump’s son-in-law, set up Affinity Partners late last year, raising about $3 billion in committed funds from international investors, including Saudi Arabia.

According to the article Mr. wall street magazineRiyadh is eyeing two Israeli companies for investment, but neither the names of these companies nor the sectors in which they operate have been disclosed.

Jacob Magid contributed to this article.

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