SolarEdge Announces Closure of Energy Storage Division
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SolarEdge Technologies, Inc. (NASDAQ: SEDG) is closing its Energy Storage division to focus on core solar activities, resulting in a workforce reduction of 500 employees and expected quarterly savings of $7.5 million.
November 27, 2024 | 12:15 pm
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SolarEdge is closing its Energy Storage division to concentrate on core solar activities, leading to a reduction of 500 jobs and expected quarterly savings of $7.5 million.
The closure of the Energy Storage division allows SolarEdge to focus on its core solar business, potentially improving operational efficiency and profitability. The cost savings of $7.5 million per quarter could positively impact the company's financials, leading to a potential short-term increase in stock price.
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IMPORTANCE 80
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