SolarEdge Forms Joint Venture With Ajlan & Bros To Accelerate Solar Adoption

SolarEdge Technologies, Inc. SEDG announces a joint venture with Ajlan & Bros Holding (ABH), one of the largest private sector conglomerates in the Middle East and North Africa region.

The JV will be established in Riyadh, Kingdom of Saudi Arabia. The financial terms were not disclosed.

The JV will facilitate the implementation of smart renewable energy solutions in Saudi Arabia, in line with the Saudi Vision 2030 plan, which intends to reduce the country's reliance on oil by the end of this decade.

Also Read: SolarEdge And Enphase Fall In Sympathy With Sunpower: Here's What To Know

The JV will provide solutions from SolarEdge's range of technologies for energy generation, storage, and management, site modeling, and energy transition consulting to firms in the country.

Price Action: SEDG shares are trading higher by 1.14% at $239.50 premarket on Monday.