SolarEdge Technologies, a smart energy technology company, announced that it has entered into a definitive agreement to acquire the entire share capital of Hark Systems Ltd.
Founded in 2016 and based in Leeds, UK, Hark offers a highly flexible Software as a Service (SaaS) Internet of Things (IoT) platform that allows enterprises and asset operators to connect, analyze, and optimize industrial assets and energy in their commercial sites. Hark’s technology enables rapid deployment and commissioning across multiple sites. Hark’s customer base is comprised of diverse industries, including some of the largest supermarket chains in the UK.
Expansion for C&I Customers
The acquisition of Hark is expected to enable SolarEdge to offer its commercial and industrial (C&I) customers expanded capabilities in energy management and connectivity, including identification of potential energy savings, detection of anomalies in assets’ energy consumption, and optimization of energy usage and carbon emissions through load orchestration and storage control.
The acquisition is subject to certain customary closing conditions and regulatory approvals and is expected to close during the second quarter of 2023.