Energy storage companies cut salaries

How will SolarEdge's job cuts affect its employees?

In the U.S., the Israel-based company is facing tough competition with companies such as Enphase Energy (ENPH.O) and Tesla (TSLA.O) for market share in energy storage products. Solaredge said the job cuts will impact nearly 500 employees, mainly in manufacturing positions in South Korea.

Will SolarEdge Technologies close energy storage division?

SolarEdge Technologies will close Energy Storage division, resulting in workforce reduction of ~500 employees, mostly in South Korea.

How many employees did SolarEdge cut in 2023?

Solaredge said the job cuts will impact nearly 500 employees, mainly in manufacturing positions in South Korea. It had laid off around 1,300 employees earlier this year amid tough market conditions. It had 5,633 employees as of Dec. 31, 2023, out of which 725 were based in South Korea.

Why did SolarEdge discontinue its energy storage business?

The company said it is discontinuing its energy storage business and focusing on its core solar activities. SolarEdge expects to incur $81 million to $99 million in charges from the pivot, largely from asset-related and impairment charges, as well as inventory write-offs and severance.

How many jobs did Samsung cut in South Korea?

The decision includes cutting approximately 500 jobs, primarily in South Korea, and selling off assets related to the storage business, including manufacturing facilities for battery cells and packs.

How many employees does SolarEdge have?

The company had laid off ~1,300 employees earlier this year; it had 5,633 employees at year-end 2023, including 725 based in South Korea. SolarEdge (SEDG) said it expects to save $7.5M in quarterly operating expenses due to the closure, with the full run rate to be achieved by H2 2025.