Herzliya-based S&P 500 company SolarEdge is forming a joint venture with Riyadh-based Ajlan & Bros Holding to develop renewable energy, the two companies said Monday. It is a business partnership seldom seen between Israel and Saudi Arabia, two countries that don’t officially recognize each other.
A statement from the two companies said that the joint venture is being formed to support smart renewable energy in Saudi Arabia in line with the kingdom’s Vision 2030 initiative, which aims to wean the country off economic dependence on oil by diversifying revenue streams.
The joint venture will offer Saudi businesses solutions from SolarEdge’s portfolio of systems for energy generation, storage and management as well as site modeling and energy transition consultancy, the statement read.
Zvi Lando, CEO of SolarEdge, said, “We are honored to partner with Ajlan & Bros Holding and to support Saudi Arabia’s journey towards ‘Vision 2030’. SolarEdge is committed to driving the clean energy transition on a global scale, exemplified by this JV which will provide local enterprises in Saudi Arabia with the support they need to rapidly transition away from fossil fuels to clean solar energy and meet their aggressive renewable energy goals.”
