https://layoffcheck.com/companies/solaredge Layoff and WARN notices reported for SolarEdge. en-us https://layoffcheck.com/companies/solaredge#2025-01 https://layoffcheck.com/companies/solaredge#2025-01-502 Mon, 06 Jan 2025 12:00:00 GMT SolarEdge Technologies announced in January 2025 that it would cut 400 employees worldwide, its third significant workforce reduction in under 12 months. New CEO Shuki Nir, who had recently replaced Zvi Lando, is leading the restructuring. The cuts span all departments across headquarters and regional offices, driven by a need to reduce operating costs after inventory built up among product distributors sharply curtailed new orders. Nir said the company 'must face the challenges of 2025' while remaining confident in its long-term opportunities. SolarEdge expects to book $3 million to $5 million in one-time charges, mostly in the first quarter of 2025, and projects quarterly savings of $9 million to $11 million once the cuts are complete. The company had roughly 5,600 employees at end-2023. https://layoffcheck.com/companies/solaredge#2024-11 https://layoffcheck.com/companies/solaredge#2024-11-534 Wed, 27 Nov 2024 12:00:00 GMT SolarEdge cut 500 jobs on November 27, 2024, equal to 12% of its workforce, by shutting down its energy storage division entirely. The division, built around the 2018 acquisition of South Korean battery maker Kokam for $110 million, had become a minor contributor, generating only $160 million of SolarEdge's $2.8 billion in 2023 revenue. The closures primarily hit South Korea, where Kokam's battery cell and pack manufacturing facilities were located, including the Sela 2 plant. The move was the third round of layoffs SolarEdge carried out in 2024, reducing its total headcount from roughly 5,000 to around 3,700 over the year. Quarterly revenue had collapsed 64% year-over-year to $260.9 million in Q3, and the company's market value had fallen from nearly $20 billion to below $1 billion. Interim CEO Ronen Faier, who took over after founder Zvi Lando stepped down in August, said the closure would save about $7.5 million per quarter once fully realized in mid-2025. The company plans to sell the storage assets. https://layoffcheck.com/companies/solaredge#2024-07 https://layoffcheck.com/companies/solaredge#2024-07-722 Mon, 15 Jul 2024 12:00:00 GMT SolarEdge Technologies announced on July 15, 2024, that it would cut 400 jobs globally, with roughly half of those positions in Israel. It was the second major workforce reduction the Tel Aviv-based solar inverter maker had carried out since early 2024, following a 900-person cut in January. The company attributed the decision to a prolonged industry downturn, pointing to excess inventory built up in European markets and weakened demand that had taken hold at the end of 2023. SolarEdge said the restructuring would cost between $3 million and $5 million and was expected to generate annual savings of $9 million to $11 million. The cuts affected staff across all departments worldwide. https://layoffcheck.com/companies/solaredge#2024-01 https://layoffcheck.com/companies/solaredge#2024-01-1065 Sun, 21 Jan 2024 12:00:00 GMT SolarEdge reported a workforce reduction in Tel Aviv in January 21, 2024.