SolarEdge Technologies announced the closure of its Energy Storage Division on November 27, 2024, resulting in approximately 500 job cuts, primarily affecting manufacturing positions in South Korea. This represents about 12% of the company's total workforce, with dismissals planned for the first half of 2025. The company expects quarterly operating expense savings of $7.5 million, with full benefits realized by H2 2025.The restructuring will incur pre-tax charges of $81-99 million, including $40-49 million in asset-related impairments, $30-37 million for inventory write-offs and non-cancelable purchase orders, and $4-5 million in severance costs. The company plans to offset cash payments through asset sales, including its South Korean battery manufacturing facilities.The decision aligns with SolarEdge's strategy to focus on core solar activities and follows previous measures to adapt to market conditions. The company maintains its commitment to solar business sales of batteries for residential and commercial markets, with the restructuring expected to be completed in H1 2025.

SolarEdge Technologies announced the closure of its Energy Storage Division on November 27, 2024, resulting in approximately 500 job cuts, primarily affecting manufacturing positions in South Korea. This represents about 12% of the company's total workforce, with dismissals planned for the first half of 2025. The company expects quarterly operating expense savings of $7.5 million, with full benefits realized by H2 2025.The restructuring will incur pre-tax charges of $81-99 million, including $40-49 million in asset-related impairments, $30-37 million for inventory write-offs and non-cancelable purchase orders, and $4-5 million in severance costs. The company plans to offset cash payments through asset sales, including its South Korean battery manufacturing facilities.The decision aligns with SolarEdge's strategy to focus on core solar activities and follows previous measures to adapt to market conditions. The company maintains its commitment to solar business sales of batteries for residential and commercial markets, with the restructuring expected to be completed in H1 2025.