Israeli photo voltaic vitality firm SolarEdge Applied sciences (Nasdaq: SEDG) noticed its share value rise 33% final week, throughout which it introduced that it’s closing its vitality storage division in Korea. Since its low-point final month the share value has risen 50.9%.
SolarEdge, at the moment managed by interim CEO and CFO Ronen Faier, designs, develops, manufactures, and sells direct present (DC) optimized inverter programs for photo voltaic vitality arrays. Regardless of its latest good points the corporate’s market cap of $917 million is a small fraction of its peak market cap of $19 billion three years in the past.
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The corporate has been dealing with modifications within the photo voltaic vitality market which have hit its outcomes. Final week’s announcement of the closure of SolarEdge’s vitality storage division is designed to strengthen the corporate’s monetary state of affairs as its strives to return to profitability and create a optimistic money circulation, because it as soon as once more focuses on its core enterprise. The division being closed, which has had income of $43 million because the begin of the 12 months, down from $52.5 million within the corresponding interval of 2023, entails layoffs of 500 workers. Losses accrued from the operations of the division this 12 months have totaled $113 million, double the losses in the course of the corresponding interval of final 12 months.
Printed by Globes, Israel enterprise information – en.globes.co.il – on December 1, 2024.
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