PVTIME – SolarEdge Technologies, an Israeli solar energy provider and manufacturer of photovoltaic inverters, announced on Monday that it will lay off 400 employees worldwide in response to the industry-wide downturn. The company expects the costs associated with the layoffs to be approximately $3-5 million, most of which will be recorded in the first quarter of fiscal year 2025. The layoffs are expected to result in cost savings of approximately $9-11 million.
This is SolarEdge’s fourth round of layoffs in nearly two years, bringing the total number of layoffs to more than 2,200. The first round of layoffs took place in January 2023, when SolarEdge laid off 900 employees. The second was in July 2024, when 400 employees were laid off, half of them in Israel. The third round of layoffs took place in November 2024, when the company announced the closure of its energy storage business and laid off 500 employees in South Korea.
The layoffs were mainly due to a decline in industry demand and increased competition, and the company is currently dealing with excess inventory.
In addition to the job cuts, the company said it was considering further measures to reduce costs, which it would announce at a later date.
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