US-based SolarEdge Technologies, Inc., a global leader in smart energy, has announced the closure of its Energy Storage division. The move, aimed at strengthening its core solar PV business, involves laying off approximately 500 employees, primarily in South Korea. SolarEdge plans to sell assets, including battery cell and pack manufacturing facilities. According to SolarEdge, this decision will save about $7.5 million quarterly in operating expenses, with full benefits expected by late 2025. The company will continue selling batteries for residential and C&I markets. SolarEdge claims this aligns with its focus on cost reduction, cash flow positivity, and solar PV growth. The decision followed an in-depth review of market trends and its business portfolio. SolarEdge thanked its Energy Storage team for their contributions.
SolarEdge ceases Energy Storage operations, refocusing on solar
SolarEdge will continue sales of batteries for residential and commercial solar despite division shutdown. (Image Source: SolarEdge)
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