SolarEdge Technologies reports developments in smart energy technology, including its DC-optimized inverter systems for photovoltaic installations and related storage, EV charging, battery and grid services solutions. Company updates commonly cover quarterly results, revenue drivers tied to inverters, power optimizers and batteries for PV applications, and product launches for residential, commercial and industrial solar-plus-storage systems.
Recurring SolarEdge news also includes geographic commercialization of platforms such as SolarEdge Nexis, expansion of commercial storage offerings in Europe and Asia, and corporate governance changes involving senior finance leadership. The company sells through solar installers, distributors, electrical equipment wholesalers, and engineering, procurement and construction firms serving residential, commercial and small utility-scale solar markets.
SolarEdge Technologies (SEDG) has announced two new appointments to its Board of Directors, effective January 6, 2025. Yoram Tietz, a Senior Advisor to General Atlantic and former Managing Partner of EY Israel, will chair the Board's Audit Committee. Gilad Almogy, Founder and CEO of Ultima Genomics, will join the Board's Technology Committee.
Tietz brings extensive experience from his 27-year tenure at Ernst & Young, including 15+ years as Managing Partner of EY Israel and leadership of its High-Tech Cluster. Almogy, founder of Ultima Genomics and previously Cogenra Solar, brings significant technological expertise with over 80 US Patents and past leadership roles at Applied Materials, where he managed a $1 billion+ revenue business.
SolarEdge Technologies (SEDG) has announced two significant developments: safe harbor agreements with major US residential solar installers and its second sale of §45X tax credits. The company signed agreements with Sunrun and another leading residential solar financer to provide US-manufactured inverters, Power Optimizers, and batteries throughout 2025.
These agreements aim to help partners qualify for domestic content bonus tax credits. Additionally, SolarEdge completed its second transaction for §45X Advanced Manufacturing Production Tax Credits, involving credits generated in Q3 2024 from US-manufactured inverters and Power Optimizers, eligible for the 11c/w production credit.
The company views these developments as important milestones in its recovery strategy, expecting them to enhance cash position, strengthen the balance sheet, and promote financial stability.
SolarEdge Technologies (NASDAQ: SEDG) has announced the shipment of its new SolarEdge Home Battery 'USA Edition', completing its portfolio of domestically manufactured solar and storage products. The battery offers 9.7kWh of storage capacity and features SolarEdge ONE, the company's next-generation energy optimization system.
This product is designed to qualify for the Domestic Content Bonus Credit under U.S. Treasury and IRS guidance. It joins SolarEdge's existing U.S.-made optimized inverters and power optimizers, helping system owners maximize domestic content incentives. The battery's production strengthens SolarEdge's domestic manufacturing infrastructure, particularly beneficial for markets like California under NEM 3.0, supporting both economic benefits and American manufacturing jobs.
SolarEdge Technologies (NASDAQ: SEDG) has launched its first commercial storage system, 'CSS-OD', for the German market. The system integrates with SolarEdge's solar inverter and power optimizer solution, offering 102.4 kWh-rated Battery Cabinet and a 50 KW battery inverter scalable up to 1 MWh per site. The CSS-OD is powered by SolarEdge ONE for C&I, a software-based energy optimization platform that synchronizes site energy production and storage to reduce costs. The system supports multiple optimization modes including self-consumption, peak shaving, and tariff optimization for dynamic pricing and grid participation.
SolarEdge Technologies (NASDAQ: SEDG) announced the closure of its Energy Storage division as part of focusing on core solar activities. The closure will result in approximately 500 employee layoffs, primarily in South Korea. The company expects quarterly operating expense savings of $7.5 million, with full implementation by second half of 2025. SolarEdge plans to sell assets related to storage division, including battery cell and pack manufacturing facilities. The decision won't affect the solar business sale of batteries for residential and commercial markets. The move aims to achieve financial stability through cost reduction and focus on core business lines.
SolarEdge Technologies announced its Q3 2024 financial results, reporting revenues of $260.9 million, a 2% decrease from the prior quarter and a 64% drop from the same quarter last year. Revenues from the solar segment were $247.5 million, up 3% from the previous quarter. The company reported a GAAP gross margin of negative 269.2% and a non-GAAP gross margin of negative 265.4%. GAAP operating loss was $1.09 billion, and non-GAAP operating loss was $808.1 million. GAAP net loss stood at $1.21 billion, with a net loss per share of $21.11. Non-GAAP net loss was $874.3 million, with a net loss per share of $15.31. The company undertook an asset valuation analysis, resulting in a write down and impairment of $1.03 billion. For Q4 2024, SolarEdge expects revenues between $180 million and $200 million, with non-GAAP gross margins ranging from negative 4% to 0%.
SolarEdge Technologies announced significant changes to its Board of Directors. Avery More has been elected as Chairman of the Board, replacing Nadav Zafrir, who will remain as a board member. Additionally, Guy Gecht has been appointed as a new board member, replacing Tal Payne who stepped down after serving since the company's IPO in March 2015. Gecht, who will serve on both the Audit and Technology committees, brings extensive experience from his roles as former CEO of Electronics for Imaging and board positions at Logitech and Check Point Software Technologies.
SolarEdge Technologies (Nasdaq: SEDG) has completed its first sale of §45X Advanced Manufacturing Production Tax Credits for approximately $40 million, net of discounts and fees. The credits were generated from U.S.-made inverter sales in H1 2024. The company's Austin facility achieved a 500 MW quarterly inverter production run rate in Q2 2024 and exceeded this in Q3. Their Tampa facility began shipping Power Optimizers in Q2 2024, targeting two million units per quarter, with plans to add commercial inverter production in Q1 2025. This transaction strengthens SolarEdge's cash position and supports expansion of U.S. manufacturing operations.
SolarEdge Technologies welcomes the U.S. Treasury's final rule on Advanced Manufacturing Production Tax Credit, confirming that their DC-Optimized inverter systems qualify for 11c/w credit. The company operates two U.S. manufacturing facilities: Austin, Texas facility reached 50,000 residential Home Hub Inverters quarterly production in Q2 2024, while Tampa, Florida facility began shipping Domestic Content Power Optimizers in Q2 2024, targeting 2 million units quarterly by Q1 2025. The Tampa facility will also start commercial inverter and Power Optimizer production in Q1 2025. These initiatives support domestic manufacturing expansion and enhance American energy independence.
SolarEdge Technologies, Inc. (NASDAQ: SEDG), a global leader in smart energy technology, has announced early certification and compliance with the European Commission's New Radio Equipment Directive (RED) Article 3.3 requirements for cyber security. This directive, set to take effect in August 2025, establishes a new regulatory framework for radio equipment and imposes cybersecurity requirements for IoT products sold in Europe.
The Article 3.3 requirements focus on improving network protection features, personal data protection, and reducing fraud risks. This regulation is particularly significant for the solar industry due to its growing contribution to global energy generation and its increasing importance as critical energy infrastructure.
Ronen Faier, Interim CEO of SolarEdge, emphasized the company's commitment to safety and security in product design and their role in setting benchmarks for cybersecurity in PV technology. This announcement follows SolarEdge's recent compliance with the UK's Product Security and Telecommunications Infrastructure (PSTI) regulation, effective April 2024.