SolarEdge, JLanka Technologies exploring more opportunities in Sri Lanka

As the spread of renewable energy generation continues and countries expand to allocate more resources to increasing the overall percentage of renewable energy generation capacity, more stability will be required to ensure that such technologies like wind and solar aren’t as reliant upon specific weather conditions. 

While Asia leads in Solar Power global crystalline module capacity will expand significantly in 2015 and is forecast to reach to 76.6GW according to an international report done by research firm HIS Inc. The report highlights that capacity utilisation will rise due to strong downstream demand. 

SolarEdge’s one of the founding members, Technical Marketing Director Yoni Ziv recently paid a visit Sri Lanka in a bid to explore opportunities in the Solar PV Industry. According to industry experts the feed-in tariff for solar power is falling continuously. 

As time goes on, installing a photovoltaic system is therefore becoming primarily worthwhile where the power generated is to be consumed on site. For homeowners, end customers and businesses alike, the prospect of utilising power from their own solar installations is becoming ever more attractive. 

Amid this growing demand in Asia and sub regions, Israel based SolarEdge is growing its influence in the solar PV inverter industry as a dominant player as a result of company’s innovative technology and burgeoning relationships with high-profile customers. Since its inception in 2006 SolarEdge has significantly increased its presence in the highly-promising solar PV inverter industry, and has further far exceeded expectations since going public a few months back. 

SolarEdge’s relationship with the leading rooftop solar companies should only further guarantee its outperformance over the next few quarters compared to the PV inverter industry at large. SolarEdge’s official technological partner is JLanka Technologies which has a installed highest number of Solar PV systems to homes in domestic market.

Sri Lanka’s most advanced solar power solutions provider for home owners JLanka’s Solar Power solutions are backed by Solar Edge technology generates 25% percent more power than other grid-tie solar power systems with optimal DC to AC conversion regardless of string lengths and manufactured in Israel and Canada.

Added with a 25-year warranty on Power Optimisers and 12-year warranty on inverters; SolarEdge Systems pushes the envelope in the continuing endeavor to improve grid-tie solar power generation. In a SolarEdge System, a DC to DC Power optimiser is paired with each solar panel in an array, allowing each one to operate independently at its highest efficiency. 

Solar Edge offers benefits such as 25% increase in energy production, Energy loss caused by module mismatch and partial shading is eliminated and multiple arrays and module orientations are easily supported. It also provide individual module monitoring, performance reporting and alerts. According to him SolarEdge’s proprietary SafeDC mechanism provides greater safety by shutting down module voltage during installation, maintenance, and firefighting.

SolarEdge Technologies, Inc. a global leader in PV inverters, power optimisers, and module-level monitoring services recently announced its collaboration with Tesla Motors (“Tesla”) to provide an inverter solution that will allow for grid and photovoltaic integration with Tesla’s home battery solution, the Powerwall. 

The joint development by SolarEdge and Tesla builds on SolarEdge’s DC optimised inverter solution and Tesla’s automotive-grade energy storage technology to enable more cost-effective residential solar generation, storage, and consumption for the global market. SolarEdge’s commitment to improving the value of PV systems through product innovation, combined with more than 1.3 GW of successful deployments, makes it an ideal partner for Tesla to develop and introduce this new energy storage solution to the PV market.

SolarEdge recently announced its 2015 Third Quarter highlights recording revenues of US $86 million and the company expects revenue growth to continue through 2015 as originally projected. Solar Edge has seen strong growth in the United States and Europe both in the residential and commercial markets. The company reported revenues of $86.4 million, an increase of $13.1 million, or 17.9% from the prior quarter and an increase of $55.8 million or 182.7% from the same financial quarter in 2014. 

SolarEdge is another VC-funded solar firm that has made it through the IPO window and listed in New York based NASDAQ. The Israel-based startup raised $ 126 million in its IPO in March, offering seven million shares at $ 1 and pricing at the high end of the $ 16 to $ 18 range. Deutsche Bank and Goldman Sachs were the lead managers on the transaction. Needham & Company, Canaccord Genuity and Roth Capital Partners were co-managers. VC investors include Opus Capital (14.64% pre-IPO ownership), Genesis Partners (14.64%), Walden International (14.64%), Lightspeed Venture Partners (11.52%), Norwest Venture Partners (10.56%), Vertex Venture Capital (5.94%), and ORR Partners (5.47%). 

In the past year, SolarEdge has gained tremendous traction in the US residential market, where its market share was 26 percent in the third quarter of 2014, according to GTM Research’s latest US PV Leaderboard.