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SolarEdge Eyes $2.4B Revenue by 2029 with AI & Storage Push
13 Sep
Summary
- SolarEdge targets $2.4 billion revenue by 2029, with $600 million from AI.
- Residential solar market shifting to solar-plus-storage for better returns.
- Nexis platform aims to capture significant upsell revenue from storage.
SolarEdge Technologies has announced ambitious plans to significantly expand its business by 2029. The company is targeting a total revenue of $2.4 billion, with a notable $600 million projected to come from new products catering to artificial intelligence data centers. This projection represents a compound annual growth rate of 23% from estimated 2026 revenues.
The company highlighted a strategic shift within the residential solar market, noting an increasing demand for solar-plus-storage installations over traditional photovoltaic-only systems. This pivot is driven by customer desires for backup power, enhanced energy management, and improved return on investment.
SolarEdge's Nexis residential energy platform is central to this strategy, designed to facilitate the adoption of storage solutions. The company estimates that a system including a battery can more than double its revenue per installation compared to a PV-only setup. With approximately 90% of its global installed base of over 4 million residential sites currently lacking battery storage, SolarEdge sees a substantial opportunity for upsell revenue, generating $20 million from such initiatives in the Netherlands and Germany alone during the second quarter.
