SolarEdge Acquires EV Charging Software Provider Wevo Energy

SolarEdge Technologies, a solar power optimization, and PV monitoring solutions provider, has completed the acquisition of Wevo Energy, a software startup specializing in EV charging optimization and management for sites with large quantities of EV chargers, such as apartment buildings, workplace car parks and public charging locations.

According to the company, its software is designed to be vendor-agnostic and supports open protocols, enabling multi-user pricing and billing, tiered prioritization of charging schedules, predictive load management, and a range of additional services. Wevo is already integrated with SolarEdge’s EV chargers, solar inverters, and meters, which provide a real-time view of solar production, grid consumption, and EV charging.

“Wevo’s mission is to make EV charging accessible by electrifying every parking space. As a subsidiary of SolarEdge, we will be able to develop a combined solution, offering a seamless experience for EV drivers by optimizing charging with clean, solar-powered energy and maximizing cost savings.” Said Teddy Flatau, CEO of Wevo Energy.

The Wevo solution will also be part of SolarEdge ONE energy for the Commercial and Industrial (C&I) segment. It is stated to offer SolarEdge customers a single energy optimization solution that orchestrates and integrates on-site solar generation, battery storage, and large-scale EV charging.

Zvi Lando, CEO of SolarEdge Technologies, said: “This acquisition represents the continuation of SolarEdge’s strategy to enhance its software portfolio for the C&I segment. As the EV market continues to grow, distributed renewable energy will be key to unlocking the full potential of the electrification of mobility. Wevo’s software capabilities and know-how represent a building block for EV-attached solar, and today, it becomes a part of SolarEdge’s energy ecosystem.”

According to Mercom’s Annual and Q4 2023 Funding and M&A Report for Storage & Smart Grid, In 2023, there were 11 M&A transactions (four disclosed) in the Smart Grid sector. In 2022, there were 20 transactions (five disclosed).