Enphase Energy (Nasdaq: ENPH) said in a statement to the US Securities and Exchange Commission (SEC) that it will lay off 17% of its global workforce to “streamline its operations.”
The layoffs, which must be completed by the end of Q1 2025, will affect approximately 500 employees and contractors.
The Fremont, California-headquartered global energy technology company and supplier of microinverter-based solar and battery systems also said it will shut down contract manufacturing operations in Guadalajara, Mexico, but continue contract manufacturing in the US, India, and China.
The company says its global capacity for microinverters will remain steady at approximately 7.25 million microinverter units per quarter, of which approximately 5 million units of capacity are in the US.
The company writes in its SEC statement:
The Company estimates that it will incur approximately $17 million to $20 million…
