SolarEdge, an Israel-based inverter manufacturer, says it plans to cut about 900 jobs as part of a restructuring plan “designed to reduce operating expenses and align its cost structure to current market dynamics.”
January 22, 2024 Patrick Jowett
SolarEdge’s headquarters in Herzliya, Israel
Image: David Shay
SolarEdge has announced a global workforce-reduction plan that will affect approximately 900 employees, or about 16% of its total workforce.
The company said the reduction is part of a restructuring plan “designed to reduce operating expenses and align its cost structure to current market dynamics.” Itsaid it will provide more details in an upcoming end-of-year earnings 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,” Chief Executive Zvi Lando said. “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.”
The company said the job losses are the latest in a series of measures it has taken to align with current market conditions. It has shut down manufacturing in Mexico, reduced manufacturing capacity in China, and terminated its light commercial vehicle e-mobility activity.
Earlier this month, US investment firm BlackRock, which is SolarEdge’s biggest shareholder, increased its stake in the company to 15.8%.
The news followed a difficult financial period for SolarEdge. Its share price dropped by 67% in 2023 and has fallen by almost 80% from its peak in 2021.
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