SolarEdge, a renewable energy company, announced on Monday that it is laying off 400 employees globally to reduce operating costs.

Approximately half of the layoffs will take place in Israel, where the company is based.

This is SolarEdge’s fourth round of layoffs since January 2024 and the first under CEO Shuki Nir, who assumed the role in December.

SolarEdge has faced ongoing challenges in its key markets.

Rising interest rates in the United States have hindered the economic viability of rooftop solar systems, leading to decreased demand.

In Europe, the company is dealing with an inventory surplus after an earlier rush for solar products during the energy crisis caused by the war in Ukraine.

Recent SolarEdge developments