SolarEdge has entered into a binding agreement to buy the entire stock of Hark Systems. Based in Leeds, UK, Hark is a software company that provides a flexible, cloud-based IoT platform to connect, analyze, and optimize industrial assets and energy in commercial spaces. Hark’s technology enables fast deployment and setup at multiple locations, and its customers come from a range of industries, including major UK supermarket chains.
By acquiring Hark, SolarEdge expects to enhance its energy management and connectivity offerings for commercial and industrial customers worldwide. This includes the ability to identify energy savings opportunities, detect unusual energy usage in assets, and optimize energy consumption and carbon emissions through load orchestration and storage control.
“Hark’s SaaS platform will enable us to grow our extensive commercial and industrial energy management portfolio and offer additional services to our C&I customers,” said Zvi Lando, CEO of SolarEdge. “Coupled with our smart energy solutions, Hark’s advanced technological capabilities can provide enterprises with greater transparency and control of their energy usage and carbon emissions.”
The acquisition is pending customary closing conditions and regulatory approvals and is expected to be completed in the second quarter of 2023.