Smart energy solutions provider SolarEdge has announced that it will lay off around 16 per cent of its global workforce.

The Milpitas, California-based company on Sunday laid out an extensive restructuring plan that includes workforce reduction “designed to reduce operating expenses and align its cost structure to current market dynamics”.

The cuts will impact approximately 900 employees, of which approximately 500 are from the company’s various manufacturing sites.

The company previously discontinued manufacturing in Mexico, reduced its manufacturing capacity in China and abandoned its light commercial vehicle e-mobility business.

SolarEdge said that further detail will be provided in the company’s end-of-year earnings release which is expected to be released by the end of February 2024.

In a statement, SolarEdge chief exec Zvi Lando said: “We have made a very difficult, but necessary decision to implement a workforce reduction and other cost-cutting measures in order to align our cost structure with the rapidly changing market dynamics.

“We remain confident in the long-term growth of the solar energy market and our leading position in the smart energy space. These changes do not impact our strategic direction and priorities and we remain committed to continue to drive the renewable energy transformation, while providing best in class technology and support to our customers.”

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