Asianfin – Enphase Energy, a leading solar inverter manufacturer, announced last Friday that it will reduce its global workforce by approximately 17%, impacting around 500 employees and contractors. The move comes as the company aims to streamline operations in response to a slowdown in residential solar demand. The company has been grappling with a weakened residential solar market in Europe. To increase efficiency, Enphase will now focus its contract manufacturing at four existing locations: two in the United States, one in India, and one in China. Enphase expects to incur restructuring and asset impairment charges of $17 million to $20 million, with around $14 million anticipated in the fourth quarter of 2024. The restructuring is projected to be largely complete by the end of Q1 2025. In a letter to employees, CEO Badri Kothandaraman noted, “The challenging solar market will continue to impact both the company and our industry partners throughout 2024.”