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SolarEdge Technologies, Inc., an Israel-based company that develops DC-optimized inverter solutions, announced it will trim down its global workforce by 16%. The energy firm revealed its decision on Sunday, Jan. 21.
SolarEdge said the main reason for layoffs is to cut operation costs. As per Reuters, about 900 workers are set to be laid off, which comes after the company shut down its manufacturing plant in Mexico and cut back production in its China factory. It has also ended its light commercial vehicle e-mobility activity.
The Slowdown in Demand for Solar
The company is taking measures to trim its operational costs as the demand for solar turned out to be lower than expected. SolarEdge sliced up its fourth-quarter revenue expectations in November last year due to the weak demand for its solar inverter products.
It was explained that the solar business in Europe dropped in 2023 because of excess inventories and declining demand. In the U.S., the higher interest rates and the metering adjustments in California caused the market to dip.
Layoffs Amid the Restructuring Plan
Meanwhile, The Times of Israel reported that out of the 900 workers who will lose their jobs, 500 are from SolarEdge’s different manufacturing facilities. The layoffs are also part of the company’s restructuring plan.
“We have made a very difficult, but necessary decision to implement a workforce reduction and other cost-cutting measures to align our cost structure with the rapidly changing market dynamics,” SolarEdge’s chief executive officer, Zvi Lando, said in a press release. “We are making every effort to treat our departing colleagues with respect and gratitude for their contributions and support them in their transition. We remain confident in the long-term growth of the solar energy market and our leading position in the smart energy space.”
He added, “These changes do not impact our strategic direction and priorities and we remain committed to continue to drive the renewable energy transformation while providing best-in-class technology and support to our customers.”
Photo by: SolarEdge Website
