Solaredge announces closure of energy storage division

Milpitas, calif.--(business wire)--solaredge technologies, inc. (“solaredge” or the “company”) (nasdaq: sedg), a global leader in smart energy technology, announced today that as part of its focus on its core solar activities, it will cease all activities of its energy storage division. this decision will result in a workforce reduction of approximately 500 employees, most of whom are in south korea. the expected quarterly operating expenses savings due to the closure are approximately $7.5 mil.
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