SolarEdge Technologies, as part of its focus on its core solar activities, will cease all activities of its Energy Storage division.
The decision will result in a 500 employee reduction, most of whom are in South Korea. The expected quarterly operating expenses savings due to the closure are approximately $7.5 million with the full run rate expected to be achieved by the second half of next year.
The company intends to sell the assets related to the storage division activities, including its manufacturing facilities for battery cells and packs. This decision is not expected to impact the solar business sale of batteries for residential and C&I markets.
“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,” says Ronen Faier, interim CEO of SolarEdge.
“The measures also represent continued execution of two of our main priorities: financial stability through cost reduction, return to cash flow positivity and profitability; and focus on our core business lines of solar, PV-attached storage and energy management capabilities. I wish to thank our Energy Storage division employees for all of their efforts in building this business.”
The post SolarEdge Closes Energy Storage Division appeared first on Solar Industry.
At left is a good example of what I mean by: “The last 150 years hasn’t been good for philosophers.”
In the late 19th Century, a question like this was the purview of philosophy. Now it’s the domain for neuroscientists.
Similarly, the question: “what are the ultimate building blocks of the universe” was fodder for everyone from the ancient Greek philosophers up to the far more recent metaphysicians. Now we ask particle physicists.
This is funny, but in actuality, sane people don’t physically attack the MAGA crowd; in fact, we don’t even make snide comments.
We keep our thoughts to ourselves. We may feel sorry for these people’s moral depravity and/or stupidity. We may be angry that the country that was once the envy of the world is now viewed with ridicule and disdain in its path to become irrelevant in global affairs.
But messing with hateful morons in red hats isn’t helping anyone.
Here’s the latest on Trump’s efforts to be awarded the Nobel Peace Prize, while waging an aggressive war in Iran, executing people he suspects of carrying drug off the coast of Venezuela, pledging to take over Cuba, and annexing Greenland from a (former) ally.
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