SolarEdge Technologies, Inc. (NASDAQ: SEDG), a global leader in smart energy technology, announced today a restructuring plan that will affect 16% of its workforce, or about 900 employees.

The plan aims to reduce operating expenses and adapt to the current market dynamics.

The company has already taken steps to adjust to the market conditions, such as closing its Mexico plant, reducing its China capacity, and ending its e-mobility activity for light commercial vehicles.

The company will provide more details in its end-of-year earnings release, expected by the end of February 2024.

Zvi Lando, Chief Executive Officer of SolarEdge, 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 are making every effort to treat our departing colleagues with respect and gratitude for their contributions and support them in their transition.

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.”