Israeli photo voltaic vitality firm SolarEdge Applied sciences (Nasdaq: SEDG) is shedding 900 staff together with 550 in Israel, the corporate has introduced. This represents about 16% of the corporate’s workforce and follows weak monetary outcomes and a fall within the firm’s share value. A lot of the layoffs in Israel are on the firm’s headquarters in Herzliya with the remainder on the places of work in Tziporit Park close to Nof Hagalil.
On the finish of 2022, SolarEdge reported that it had 5,000 staff together with 2,700 in Israel however the quantity grew in 2023 and based on the corporate’s web site it has 5,814 staff. Bearing in mind that two months in the past SolarEdge CEO Zvi Lando instructed “Globes” that over 350 staff, or 11% of the workforce in Israel, had been serving within the military reserves, the corporate probably has greater than 3,100 staff in Israel.
SolarEdge develops and markets options for the photo voltaic vitality trade together with inverters, optimizers and batteries and communications units for monitoring photo voltaic vitality methods.
Previously SolarEdge was essentially the most precious Israeli firm on Wall Avenue with a market cap of almost $20 billion at its peak however it’s at present traded with a market cap of simply $3.9 billion. The corporate’s share value fell 67% in 2023 and for the reason that begin of 2024 is down an extra 26%. SolarEdge’s share value hit a four-year low final week. In 2023 the corporate’s share was relegated from the S&P 500, on which it had been listed since 2021.
The plummet in SolarEdge’s share value is as a result of weak spot within the photo voltaic vitality market by which the corporate is working. The corporate issued a revenue warning earlier than its third quarter leads to 2023 and gave weak steerage for the fourth quarter.
Lando mentioned, “The choice now we have taken has been very tough however mandatory in an effort to modify our prices construction to the quickly altering market scenario. We’re making main efforts to deal with our departing colleagues with due respect, particularly within the advanced interval we’re in, specific gratitude for his or her contribution, and help them in the course of the transition interval. Even now, we’re assured within the continued development of the renewable vitality market in the long run and in our main place on this subject. The present modifications won’t have an effect on the corporate’s imaginative and prescient and strategic course. We’re dedicated to persevering with to steer the renewable vitality revolution, to help our prospects, and to offer them with modern and main expertise within the subject.”
Printed by Globes, Israel enterprise information – en.globes.co.il – on January 21, 2024.
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