SolarEdge announces closure of its energy storage division
SolarEdge has announced it will close and sell off its energy storage business and assets, resulting in cutting its workforce by about 12%, with those in South Korea mostly affected, as it attempts to restructure its business. Ronen Faier, the interim SolarEdge CEO, who was appointed in August 2024, said the measures tackle cost cutting, and a closer focus on its core businesses. “The decision to close our Energy Storage division was the result of a thoughtful analysis of our portfolio of businesses and product lines, industry trends, and the competitive environment,” said Faier.
SolarEdge told ESS News, in response to questions, that the closures only affect its utility-scale business, and manufacturing will continue in other regions.
“The recent announcement about the closure of our Energy Storage Division has no impact whatsoever on our residential and C&I solar-attached storage solutions. This includes both our current offering and our future development plans and roadmap. The affected division referred to in the announcement focused solely on the manufacturing of lithium-ion battery cells for BESS solutions in the utility segment.
SolarEdge will continue to develop, produce, and sell all residential and C&I storage solutions. The solar-attached energy storage business is not only continuing but expanding its local manufacturing capabilities in the United States, adding significant domestic production capacity.”
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