Energy storage companies cut salaries

Will SolarEdge cut jobs?

By Dean Seal SolarEdge Technologies is cutting about 500 jobs as it shutters its energy storage business. The Israeli solar-power firm said Wednesday that the job cuts will reduce its total workforce by about 12% and primarily affect workers in manufacturing positions in South Korea.

Is battery energy storage going out of business?

Battery energy storage has experienced a fantastic year with record-breaking growth in 2018. But the good days may come to an abrupt end now, as the critical investors announced to scrap investment plans and leave the sector. The two power grid companies in China are the investors we refer to.

Why did SolarEdge discontinue its energy storage business?

The company said it is discontinuing its energy storage business and focusing on its core solar activities. SolarEdge expects to incur $81 million to $99 million in charges from the pivot, largely from asset-related and impairment charges, as well as inventory write-offs and severance.

How many employees did GE cut in Detroit?

The company, headquartered in Novi, a suburb of Detroit, announced yesterday that it has cut 128 salaried and hourly workers from its staff of roughly 500 people as part of a “revised business plan,” according to a statement emailed to various sources.

Who invests in battery energy storage in China?

The two power grid companies in China are the investors we refer to. They have become the most significant spenders on battery energy storage (BES) since last year, and the reason for an over 300% growth of the sector.