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SolarEdge Shuts Down Energy Storage Division
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SolarEdge Technologies will shut down its energy storage division to focus on its core solar business, leading to a reduction of 500 employees, mostly in South Korea. The company expects $7.5 million in quarterly savings, with full savings by mid-next year. It will sell related assets, including battery manufacturing facilities, but this won’t impact its solar or battery sales for residential and commercial markets. Interim CEO Ronen Faier emphasized the decision aligns with their focus on financial stability and core solar business priorities.
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