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.

What happened to SolarEdge Technologies?

Nov 27 (Reuters) - Solaredge Technologies (SEDG.O) said on Wednesday it would shut its energy storage unit and cut workforce by about 12%, sending the shares of the solar inverter maker up 2.7% before the bell.

Are batteries the future of energy storage?

Batteries offer one solution because they can quickly store and dispatch energy. As installations of wind turbines and solar panels increase — especially in China — energy storage is certain to grow rapidly. They are part of the arsenal of clean energy technologies that will enable a net zero emissions future.

Why have solar stocks tumbled?

The recent tumble of solar stocks, especially SolarEdge, following a demand warning in Europe, is a stark reminder of the volatility within the renewable energy sector. Solar companies must remain vigilant and adaptive to navigate through challenging market conditions.

Should government support battery storage projects?

So, to address this problem — and stimulate the renewables sector — governments have recognised the need to support battery storage projects. In the US, the Inflation Reduction Act offers people a tax credit for battery storage when it is part of a renewable energy investment, such as a rooftop solar installation.

Why is the battery industry growing so fast?

The fast-growing battery industry is most associated with electric vehicles, but its growth is also being driven by energy storage on a wider scale. The market for this “grid-scale” storage — enough to power a town or city — more than doubled last year.