MILPITAS, Calif. - SolarEdge Technologies, Inc. (NASDAQ: NASDAQ:SEDG) has announced the availability of its first Commercial Storage System (CSS) for photovoltaic (PV) applications in Italy. The system, designed for small to medium commercial solar installations, can now be ordered by Italian customers.
The SolarEdge CSS features a 102.4 kWh-rated battery cabinet and a 50 KW battery inverter, with the capability to scale up to 1MWh per site. It is designed for both indoor and outdoor use and comes with a 10-year warranty. The system is pre-assembled and includes a mobile commissioning app to streamline on-site deployment time.
In addition to hardware, the CSS is integrated with SolarEdge ONE for C&I, a cloud-based energy optimization platform. This platform aims to synchronize and optimize energy production and storage, potentially reducing energy costs. It supports various energy optimization modes such as maximized self-consumption, peak shaving, and tariff optimization for dynamic pricing. The platform is also designed to enable grid participation in the future.
Zvi Lando, CEO of SolarEdge Technologies, expressed enthusiasm for bringing the company's first commercial storage solution to the Italian market, highlighting its compatibility with the company's high-efficiency DC-optimized PV inverters and the SolarEdge ONE platform.
The South African version of the CSS, which includes integrated backup capabilities to address local load-shedding events, was first shipped in the fourth quarter of 2023. This version is being showcased at the Solar and Storage Live Africa 2024 exhibition in Johannesburg from Sunday to Tuesday.
SolarEdge is known for its smart energy technology and engineering capabilities, offering solutions across PV, storage, EV charging, batteries, and grid services. The company's DC-optimized inverter technology is designed to maximize power generation and reduce the cost of energy produced by PV systems.
This announcement is based on a press release statement from SolarEdge Technologies, Inc.
InvestingPro Insights
As SolarEdge Technologies (NASDAQ: SEDG) expands its product lineup with the Commercial Storage System in Italy, investors are closely monitoring the company's financial health and market performance. According to InvestingPro data, SolarEdge has a market capitalization of approximately $3.52 billion USD. Despite the innovation in their product offerings, SolarEdge's stock has experienced notable volatility, with a 1-week price total return of -17.36% and a 1-year price total return of -76.96%, reflecting significant market pressures.
The company's P/E ratio stands at a high 102.08, suggesting that the stock is trading at a premium relative to its earnings. This high earnings multiple could be attributed to investor expectations of future growth, despite current market conditions. In the last twelve months as of Q4 2023, SolarEdge reported revenue of nearly $2.98 billion USD, but with a revenue growth decline of -4.3%, indicating potential challenges in the market.
An InvestingPro Tip highlights that analysts have revised their earnings downwards for the upcoming period, which could be a concern for potential investors. Moreover, the company is trading near its 52-week low, which may present a buying opportunity for those who believe in the long-term prospects of SolarEdge's technology and market position. For those considering an investment, there are additional InvestingPro Tips available, providing deeper insights into the company's financials and market performance. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro for a comprehensive analysis of SolarEdge and access to over 16 additional tips that could guide investment decisions.
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