BlackRock now holds a 15.8% stake in Israel-based inverter manufacturer SolarEdge, up from 9% in April 2023. The US investment firm began investing in the company in 2017 and is now its biggest shareholder, according to a statement to the US Securities and Exchange Commission (SEC).
The new investment follows a difficult financial year for SolarEdge. Since announcing record revenues for 2022 at the start of last year, the inverter manufacturer reported a net loss of $61.2 million in its latest financial results, which relate to the third quarter of 2023.
For the third quarter of 2023, the company posted revenues of $725 million, $676 million of which is from its solar segment. However, looking ahead to the fourth quarter, SolarEdge provided guidance of $325 million in revenues.
Its share price has slumped, falling by 67% in 2023 and by almost 80% from its peak in 2021. The company also left the S&P 500 Index in December.
SolarEdge’s share price reached its lowest point on Nov. 1 at €53.65 ($56.53) per share, and stands at €71.17 ($77.86) per share on Jan. 10, 2024.
Author: Patrick Jowett
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.