SolarEdge Technologies announced it will lay off 400 employees, including 200 in Israel, as part of efforts to restore profitability and ensure financial stability. The renewable energy company outlined the measures in a letter to its employees, stating that the cuts will affect all departments and will include reductions in both headcount and discretionary spending.
As of December 31, 2023, SolarEdge employed 5,633 people, according to its latest regulatory filing. The company cited a market downturn at the end of 2023 and the beginning of this year, which resulted in excess inventory and a slump in the solar industry, especially in Europe, as the reasons behind the layoffs.
In January, SolarEdge announced plans to reduce its global workforce by about 16 percent to lower operating costs. The company has been facing financial challenges, reporting a net loss of $157 million in the first quarter, marking its third consecutive quarterly loss.
GreentechLead.com News Desk