Solar energy startup SolarWorld has purchased a California company that has made solar panels for electric vehicles, an agreement that would enable SolarWorld to expand its operations there.
The purchase of SolarWorld by the California-based company SolarEdge was announced in a letter from the U.K.-based company on Monday.
SolarEdge, founded in 2008 by the brothers Greg and Andrew Lee, was acquired by the Lee family in 2017.
Greg Lee, the Lee brothers, said in a statement that they were “excited to have a partnership with SolarEdge” in the future.
“We are proud to have partnered with Solar Edge to bring solar to the masses,” he said.
“It is an exciting opportunity to bring innovative solar technologies to our customers, who are eager to learn more about this technology and share it with others.”
The Lee brothers are best known for inventing the first solar panel.
They have a history of investing in energy companies that make solar panels, including SolarEdge and PowerGenie, and for producing solar panels in China.
SolarWorld was founded in 2009 and is headquartered in Irvine, California.
The Lee family’s holdings in SolarEdge include a majority stake in SolarWorld, a subsidiary that makes SolarEdge solar panels.
The Lee brothers also control a minority stake in PowerGenies.
Solarworld has a long history of manufacturing and selling solar panels to customers in the U:In January, SolarEdge signed a deal to purchase a 25% stake in the company, SolarWorld announced in February.
In March, the company also agreed to sell SolarEdge’s solar equipment to the company that will manufacture the solar panels at its Irvine factory.
Greg and Andrew Lees said in the letter that the company’s customers are eager for information about the technology and for new products.
“With our partnership with the Lee Group, we believe SolarEdge can provide customers with a competitive and innovative solution for their needs,” Greg Lee said in an email.
“Our goal is to deliver the world’s best solar panels and energy storage solutions.”
SolarEdge solar energy panels are seen in a room in the solar energy company SolarWorld in Irvine.
(John Gress/AP)SolarEdge’s first product, the SolarEdge Solar Power Station, was announced on May 1.
The company is based in Orange County, California, and employs roughly 150 people in its Irvine plant.
The solar panel technology is based on a battery-powered device that uses a thin-film solar cell and can be connected to a solar panel to store solar energy.
SolarEdge and SolarEdge have a number of other products, including a product that lets solar energy collectors charge their batteries when not in use.
The SolarEdge system has already been deployed in the Philippines.
Greg Lees wrote in the Solar Edge letter that he is “deeply committed to the United States” and that the partnership “provides us with the opportunity to continue the growth of our business.”
The SolarEdge deal is subject to regulatory approval.