NEW YORK (TheStreet) -- Shares of SunEdison (SUNE), a U.S. solar panel maker and power plant developer, are up 2.23% to $22.90 in pre-market trading today after the company bought Solar Grid Storage LLC for an undisclosed sum to combine battery technology with its projects that generate renewable energy, Bloomberg reports.
Solar Grid has four projects in operation and is developing at least three more this year, Solar Grid Storage CEO Tom Leyden told Bloomberg. The company uses lithium-ion batteries in its systems, which can support projects as large as 10 megawatts.
"[SunEdison is] looking for ways to accelerate their movement into storage," Leyden noted. "We were one of the companies that was actually able to get some projects on the ground based on a business model, not necessarily one-time pilot projects or grant projects."
Leyden will become SunEdison's vice president of energy-storage deployment.
Separately, TheStreet Ratings team rates SUNEDISON INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate SUNEDISON INC (SUNE) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk and poor profit margins."