- The SolarEdge Technologies workforce reduction will affect roughly 900 employees.
- Growth for solar in Europe has slowed in the last year due to excess inventories and weakening demand.
SolarEdge Technologies said yesterday that it would lay off about 16 per cent of its global workforce as it tries to reduce operating costs. The reduction will affect roughly 900 employees. This follows the firm’s discontinuation of manufacturing in Mexico, reduction of manufacturing capacity in China, and termination of light commercial vehicle e-mobility activity.
CEO of SolarEdge Technologies, Zvi Lando, said, “We have made a tough but necessary decision to implement a workforce reduction and other cost-cutting measures to align our cost structure with the rapidly changing market dynamics.” The renewable energy firm trimmed its fourth-quarter revenue expectations in November on weak demand for solar inverters.
Growth for solar in Europe has slowed in the last year due to excess inventories and weakening demand. Meanwhile, in the United States, higher interest rates and a metering reform in California, the country’s largest solar market, have led to lower demand for solar.