Careers at SolarEdge Technologies
SolarEdge Technologies aims to provide reliable and efficient solar energy systems for use in residential and commercial properties.
SolarEdge Technologies was founded in 2006 by a team of former employees of Israel’s Electronics Research Department: Guy Sella (“Sella”), Lior Handelsman (“Handelsman”), Yoav Galin (“Galin”), Meir Adest (“Adest”) and Amir Fishelov (“Fishelov”). The Company began mass production of its products in 2009, and in 2010 reportedly shipped approximately 250,000 power optimisers and 12,000 inverters, representing around 70% of the total power optimiser market.
In 2015, SolarEdge Technologies listed 7 million shares on the NASDAQ, raising approximately $126 million in its initial public offering. The Company has a current market capitalisation of $770 million.
Business model of SolarEdge Technologies
SolarEdge Technologies serves a range of customers across multiple sectors and jurisdictions. In 2015 the Company sold products to approximately 210 direct customers in 39 countries worldwide, and as of 30th June 2015, around 9,782 indirect customers had registered with the Company’s cloud-based monitoring platform.
SolarEdge Technologies’s solutions are targeted at installers of solar technology. Its solutions can be largely categorised as follows:
- Residential, relating to on-grid solar panel systems and inverters for use in residential properties;
- Commercial, relating to on-grid solar panel systems and inverters for use in commercial properties; and
- Self-use, relating to coupled storage solutions that can be used to increase energy independence for homeowners.
The Company’s principal customers comprise solar distributors and electrical equipment wholesalers, and module manufacturers that offer photovoltaic modules with SolarEdge Technologies’s power optimiser embedded into their modules. Among its largest customers are SolarCity, SunRun and Vivint Solar, which provide solar power systems to residential and commercial end users.
While Europe has historically been SolarEdge Technologies’s largest market, growth across the US solar energy market has seen the US become the Company’s principal source of sales. In 2015, sales in the US accounted for 73.3% of the Company’s total annual revenue. Outside the US, SolarEdge Technnologies focuses on markets where electricity prices and government policies make solar panel installations economically viable. To date, the Company’s products have been installed in Australia, Belgium, Canada, China, France, Germany, Israel, Italy, Japan, the Netherlands, Singapore and the UK.
SolarEdge Technologies provides value to its clients through the quality and reliability of its products, the accessibility of its products and its commitment to innovation. The Company is one of the leaders in its industry, commanding a respected reputation. Its products are available through multiple channels across numerous jurisdictions, and it commits a significant portion of its operating funds to research and development activities, with a view to providing the best possible products to its customers.
SolarEdge Technologies operates a website at www.solaredge.com where customers can find information on the Company’s various products and services. The Company primarily makes sales directly through its own sales team. It currently has a presence in the US, Australia, Canada, China, France, Germany, Israel, Italy, Japan, the Netherlands, Turkey and the UK.
SolarEdge Technologies also sells a significant portion of its products through third party distributors, which in turn sell to local installers. The Company does not maintain exclusive arrangements with these distributors, many of which also sell products on behalf of competing solar technology companies. These distributors and large installers are able to terminate their relationships with SolarEdge Technologies at any time.
SolarEdge Technologies also utilises third-party distribution centres in the US and Europe. Some finished products are shipped to customers directly from the Company’s contract manufacturers or are shipped to third party distribution centres before being sent on to end customers.
SolarEdge Technologies continues to provide personal care to its customers after sale in the form of technical support services. The Company offers its installer base a range of customer support and training services, including pre-sales support, training programs, and technical support before, during, and after installation.
It also provides support programs to photovoltaic module manufacturers, large installers and distributors. SolarEdge Technologies additionally offers hands-on and on-demand video sessions and online product and training materials, and allows customers to open and track technical support cases 24 hours a day through its online portal.
SolarEdge Technologies also organises road shows and webinars to show its customers how best to sell and implement its technology, and keeps customers updated with company developments through its Facebook, Twitter, Google+, and Linkedin accounts.
SolarEdge Technologies develops, markets and sells solar power harvesting and photovoltaic monitoring products and solutions. The Company's product portfolio principally comprises power optimisers, photovoltaic inverters and a Web portal for module-level monitoring and fault detection.
The Company’s SolarEdge power optimiser is a direct current/alternating current converter that is connected by installers to each photovoltaic module or embedded by module manufacturers into third-party products.
The SolarEdge direct current/alternating current photovoltaic inverter operates in conjunction with the Company’s SolarEdge power optimisers. SolarEdge Technologies’s photovoltaic monitoring portal is a web-based application that enable customers to monitor the performance of their solar power systems.
SolarEdge Technologies’s partners principally comprise manufacturing partners, supply chain partners and distribution partners.
SolarEdge Technologies does not own its own production facilities and currently outsources all of its manufacturing operations to third-party manufacturing partners. which enables the Company to access advanced manufacturing equipment, processes, skills and capacity at relatively low cost. The Company has outsourcing agreements with electronics manufacturers Jabil Circuit and Flextronics Industrial.
The manufacturing process is also assisted by SolarEdge Technologies’s supply chain partners, from which the Company receives tools and resources. The Company has recently agreed a deal with Greece-based photovoltaics project developer Enolia Solar Systems to provide solar power harvesting equipment.
SolarEdge Technologies also has a number of tie-ups with regional distributors that extend the Company’s own logistics networks. For example, in recent years the Company has entered into distribution partnerships with Italian distributor Tecno Spot and German distributor BayWa.r.e.
SolarEdge Technologies’s key resources are its technology and intellectual property, its manufacturing and distribution partners, its IT infrastructure and software platform, and its personnel – in particular those working within the research and development, sales and support teams.
Searches of records held by the US Patent and trademark Office identified a number of patent applications filed in the name of SolarEdge Technologies. These include applications entitled ‘Dual compressive connector’, ‘Multi-level inverter with flying capacitor topology’ and ‘Dual use photovoltaic system’.
SolarEdge Technologies incurs costs in relation to the research and development of its products and solutions, the employment of contract manufacturers, the acquisition of supplies, the distribution and storage of its products, the retention of its personnel, and the maintenance of its IT infrastructure.
As of 30th June 2015, the Company had 440 full-time employees, which accrue costs in the form of salaries and benefits, and operates sales and administrative offices across multiple jurisdictions, representing costs in the form of rent and utilities.
SolarEdge Technologies generates revenue through the sale of direct current optimised inverter systems for solar photovoltaic installations. This includes power optimisers, inverters and the Company’s cloud-based monitoring software products. The sale of inverters and optimisers, however, account for the vast majority of the Company’s annual revenue. SolarEdge Technologies’s revenues are affected by changes in the volume and average selling prices of its products, which are in turn driven by supply and demand, fluctuations in between large and small customers, seasonality and competitive product offerings.
In 2015 SolarEdge Technologies generated $325.1 million in annual revenue, up significantly from the $133.2 million recorded in 2014. The Company attributed this 144% rise in revenue to an increase in the number of systems sold worldwide, particularly growth in the US market. In 2015 sales of inverters accounted for $157 million in annual revenue, while sales of optimisers accounted for $158.5 million.
info: Guy has served as Chairman of and Chief Executive Officer of SolarEdge Technologies since co-founding the Company in 2006. He has previously held several high-profile roles in Israel. Sella served as Head of the Israel’s Electronics Research Department, going on to serve as the Director of Technology for the Israeli National Security Council and Secretary for Israel’s National Committee for Cyber Protection. Prior to co-founding SolarEdge Technologies, Sella was a partner at Star Venture, a venture capital firm with investments in a number of tech startups including AeroScout and Vidyo. Sella holds a bachelor’s degree in Engineering from the Technion, Israel’s Institute of Technology in Haifa.
info: Amir has served as Chief Software Architect at SolarEdge Technologies since its foundation. Fishelov previously served for more than six years at Israel’s Electronics Research Department, where he held a number of positions. He joined the national laboratory as a software engineer before going to serve as a software team leader. His last role before co-founding SolarEdge Technologies was as project manager of a large scale software project. Fishelov has received Israel’s National Technological Innovation Award twice, in 2001 and in 2003. He holds a bachelor’s degree in Computer Science from the Open University in Israel.
info: Meir has served as SolarEdge Technologies’s Vice President of Core Technologies since 2007. He is also a former employee of the Electronics Research Department, where he held a number of positions and managed large-scale techno-operational projects. Adest holds a bachelor’s degree in Mathematics, Physics, and Computer Science from the Hebrew University in Jerusalem.
info: Yoav has served Vice President of Research and Development at SolarEdge Technologies since 2006. He previously worked at Israel’s Electronics Research Department, where he worked on developing innovative and complex electronic systems, primarily in research and development and management positions. Galin holds a bachelor’s degree in Electrical Engineering from Tel Aviv University.
info: Lior has served as SolarEdge Technologies’s Vice President of Marketing and Product Strategy since 2006. He was employed by the Electronics Research Department, where he held several positions including research and development power electronics engineer, Head of the Power Electronics Group and manager of several large-scale development projects. Handelsman holds a bachelor’s degree in Electrical Engineering and a master’s degree in Business Administration from the Technion, Israel’s Institute of Technology in Haifa.
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