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6 FAQs about [Energy storage cabinet closing]
What happens if alpha SolarEdge Technologies closes energy storage division?
Market Data Sources © 2024 Seeking Alpha SolarEdge Technologies will close Energy Storage division, resulting in workforce reduction of ~500 employees, mostly in South Korea.
Why did SolarEdge close?
The closure aligns with SolarEdge's effort to optimize its business as it navigates a competitive renewable energy landscape. The company expressed gratitude to employees in the Energy Storage division for their contributions in building the business.
Should energy storage be co-optimized?
Storage should be co-optimized with clean generation, transmission systems, and strategies to reward consumers for making their electricity use more flexible. Goals that aim for zero emissions are more complex and expensive than net-zero goals that use negative emissions technologies to achieve a reduction of 100%.
What is the future of energy storage?
Storage enables electricity systems to remain in balance despite variations in wind and solar availability, allowing for cost-effective deep decarbonization while maintaining reliability. The Future of Energy Storage report is an essential analysis of this key component in decarbonizing our energy infrastructure and combating climate change.
Does storage reduce electricity cost?
Storage can reduce the cost of electricity for developing country economies while providing local and global environmental benefits. Lower storage costs increase both electricity cost savings and environmental benefits.
How many employees did SolarEdge lay off?
The company had laid off ~1,300 employees earlier this year; it had 5,633 employees at year-end2023, including 725 based in South Korea. SolarEdge (SEDG) said it expects to save $7.5M in quarterly operating expenses due to the closure, with the full run rate to be achieved by H2 2025.