Israeli photo voltaic power firm SolarEdge Applied sciences (Nasdaq: SEDG) noticed its share worth rise 33% final week, throughout which it introduced that it’s closing its power storage division in Korea. Since its low-point final month the share worth 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 techniques for photo voltaic power 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 adjustments within the photo voltaic power market which have hit its outcomes. Final week’s announcement of the closure of SolarEdge’s power 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 move, 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.
Revealed by Globes, Israel enterprise information – en.globes.co.il – on December 1, 2024.
© Copyright of Globes Writer Itonut (1983) Ltd., 2024.
