SolarEdge Technologies, (“SolarEdge”) a global leader in smart energy technology, announced a restructuring plan that includes workforce reduction designed to reduce operating expenses and align its cost structure to current market dynamics.
The workforce reduction impacts approximately 16% of the SolarEdge global workforce, or approximately 900 employees, of which approximately 500 are from the Company’s various manufacturing sites.
The reduction follows measures which the Company has already taken to align with current market conditions, including discontinuation of manufacturing in Mexico, reduction of manufacturing capacity in China, and termination of the Company’s light commercial vehicle e-mobility activity. Further detail will be provided in the Company’s end-of-year earnings release which is expected to be released by the end of February 2024.
Zvi Lando, Chief Executive Officer of SolarEdge, said, “We have made a very difficult, but necessary decision to implement a workforce reduction and other cost-cutting measures in order to align our cost structure with the rapidly changing market dynamics. 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. 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.”