Israel’s SolarEdge Technologies Inc. agreed to a joint venture with Saudi Arabia’s Ajlan & Bros Holding to deploy renewable energy in the kingdom, a rare collaboration between the two countries.
(Bloomberg) — Israel’s SolarEdge Technologies Inc. agreed to a joint venture with Saudi Arabia’s Ajlan & Bros Holding to deploy renewable energy in the kingdom, a rare collaboration between the two countries.
The newly formed company will offer energy generation, storage and management to Saudi businesses, according to a statement from the Israeli entity on Monday.
The deal came a day after Israeli Foreign Minister Eli Cohen talked with US Special Envoy Dan Shapiro about expanding Israel’s ties to more countries in the Middle East. The US is keen for Israel to form a diplomatic alliance with Saudi Arabia, a process likely slowed by Prime Minister Benjamin Netanyahu’s government’s deteriorating relations with the Palestinians and controversial judicial policies.
Read More: Arab States Sour on Israel in Blow to US Aim of Saudi Peace Pact
SolarEdge shares traded 2.2 percent higher on the Nasdaq at 12:44 p.m. in New York, their biggest jump since mid-July, valuing the company at $13.6 billion.
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