Enphase Energy

Enphase Energy, a leading solar microinverter manufacturer, laid off approximately 10% of its workforce in December 2023, affecting around 350 employees out of a total of roughly 3,500. The company, operating in the renewable energy industry, implemented these cuts as part of a restructuring plan to reduce operating costs and align with softening market demand, particularly in the U.S. residential solar sector. This move reflects broader industry challenges, including high interest rates and policy changes, impacting the scale of operations for this publicly traded clean technology firm.

Enphase Energy, a solar technology company, announced on December 18, 2023, a workforce reduction impacting approximately 350 contractors and employees, representing about 10% of its global workforce. This layoff is part of a broader restructuring to streamline operations amid a challenging macroeconomic environment for the solar industry. The company cited high interest rates reducing consumer demand in the U.S., market uncertainty from policy changes like California's NEM 3.0, and a slowdown in European demand leading to high inventory. To become leaner and more efficient, Enphase will also cease contract manufacturing in Timisoara, Romania, and Wisconsin, U.S., resize other sites, and extend hiring and travel freezes into 2024, aiming to reduce quarterly operating expenses.