Shares of Solaredge Technologies Inc SEDG, a provider of solar power harvesting and photovoltaic monitoring solutions, gained more than 7 percent on Wednesday after the company was favorably mentioned in PV Magazine.
According to PV Magazine, SolarEdge is on pace to become the leading inverter supplier to the residential segment globally in 2016. The company recently announced it had shipped its 100 millionth power optimizer, representing more than 2.7 GW of inverter capacity.
PV Magazine continued that while SolarEdge's deliveries are "remarkable," almost half of its total shipments occured in 2015 when the company deployed over 1.3 GW of inverter power globally.
"The phenomenal growth trajectory of SolarEdge over the past two years clearly indicates that the inverter specialist from Israel will capture the No. 1 spot in the residential market segment in 2016 globally," PV Magazine argued. "In the calendar year 2015, SolarEdge was already the leading company in the residential segment in terms of revenues as well as profits."
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