Based in Hod Hasharon, SolarEdge develops solar power optimizing systems. The company is in talks with financial institutions, sources told "Bloomberg."
SolarEdge CFO Ronen Faier told "Bloomberg," "We have all intentions to become one of the largest players in the market and doing that in this market requires a lot of money." However, Faier declined to discuss details of any potential IPO. "It's very hard to grow a large company on private money," he said.
In 2011 SolarEdge raised $37 million in a funding round led by Norwest Venture Partners. Other investors include Opus Capital Venture Partners LP, Walden International Inc., Genesis Partners, Vertex Venture Capital, Lightspeed Venture Partners and General Electric Co.'s GE Energy Financial Services unit. SolarEdge is looking to expand its Asia operations, Faier also told "Bloomberg."
Founded in 2006, the company has shipped over 2 million power optimizers to more than 45 countries worldwide and its installations can be found in five continents, according to its website. Annual sales are "well north of $100 million," and the company is approaching profitability, according to Faier.