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.
The United States seems set on propelling itself backwards.
Maybe, as they say, “Hell has a special place reserved in it” for people like Thom Tillis, Republican Senator from North Carolina, who enabled Trump to rape and destroy the United States.
That was until it became clear to Tillis that he could jump ship, write a scathing book about the president, get all over mainstream news promoting it, and go on to enjoy another chapter of political success.
That we Americans are so stupid that we accept this blatant hypocrisy and criminality is sad proof that we’re not the people we were 20 years ago. Maybe what many people are saying are correct: we deserved what we got.
Here’s a short video from Elle Cordova that reminds us that science is something of a rarity in human history.
The great tyrants of history have done their best to cause the people they ruled to reject science, simply to ensure the masses are ignorant, terrified, superstitious, and thus easily controlled.
The current political administration is particularly engrossed in the rejection of science. I wonder why.
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