SolarEdge Applied sciences stated it will lay off about 400 employees, together with 200 in its residence nation of Israel, as the corporate tries to develop into extra financially steady.
SolarEdge on July 15 introduced the job cuts in a letter to workers. The corporate, which stated it had about 4,600 employees previous to the layoffs, had introduced 900 job cuts in January of this 12 months.
“The downturn of the market on the finish of 2023 and starting of 2024 had led to an accumulation of extra stock in our distribution channels,” Chief Govt Zvi Lando stated within the letter. “We all know that as stock channels clear, our gross sales volumes are decrease than the speed of installations and that this clearing course of will take time.”
The renewable power group stated it additionally would cut back discretionary spending. The corporate’s inventory worth is off greater than 60% this 12 months, and reported a web lack of $157 million within the first quarter, its third consecutive quarterly loss.
SolarEdge not too long ago opened its first two U.S. manufacturing crops. The primary facility, in Austin, Texas, opened late final 12 months. The manufacturing unit makes the corporate’s residential Residence Hub Inverters.
A second facility in Seminole, Florida, opened earlier this 12 months. SolarEdge on July 11 stated it had not too long ago shipped the primary 20,000 Energy Optimizers from that plant. The manufacturing unit has plans to start industrial inverter manufacturing subsequent 12 months.
Each amenities had been in-built response to “home content material” incentives supplied by the Inflation Discount Act that was handed in 2022.
—Darrell Proctor is a senior affiliate editor for POWER (@POWERmagazine).
