RIYADH, Saudi Arabia and MILPITAS, Calif., (July 31, 2023) – SolarEdge Technologies, Inc. (“SolarEdge”) (NASDAQ: SEDG), a global leader in smart energy technology, announced today the forming of a joint venture (JV) with Ajlan & Bros Holding (ABH), one of the largest private sector conglomerates in the Middle East and North Africa region. The JV entity will be established in Riyadh, Kingdom of Saudi Arabia.
The JV is being formed to support the deployment of smart renewable energy solutions in Saudi Arabia, in-line with the Saudi Vision 2030 initiative that aims to reduce the country’s dependence on oil by the end of this decade. Leveraging the established position of ABH in Saudi Arabia and the vast experience accumulated by SolarEdge in smart energy technology, the JV will offer enterprises in the country solutions from SolarEdge’s portfolio of systems for energy generation, storage, and management as well as site modeling and energy transition consultancy.
Zvi Lando, SolarEdge Chief Executive Officer said: “We are honored to partner with Ajlan & Bros Holding and to support Saudi Arabia’s journey towards ‘Vision 2030’. SolarEdge is committed to driving the clean energy transition on a global scale, exemplified by this JV which will provide local enterprises in Saudi Arabia with the support they need to rapidly transition away from fossil fuels to clean solar energy and meet their aggressive renewable energy goals.”
The JV will be jointly managed by a talented team of experienced professionals from both companies, with ABH as the majority shareholder.
