Enphase Power will lay off roughly 10% of workforce as a part of restructuring plan

Enphase Energy will lay off 10% of its world workforce as a part of a restructuring plan, the photo voltaic firm disclosed in a regulatory filing on Monday.

Enphase producers microinverters that convert photo voltaic power into usable electrical energy. The corporate’s inventory is down 53% this 12 months as excessive rates of interest have depressed demand, leaving the corporate saddled with stock. Enphase has a market capitalization of $16.9 billion.

Enphase may even stop operations at contract manufacturing crops in Wisconsin and Timisoara, Romania and resize its different contract crops, based on the corporate. It can deal with manufacturing microinverters at contract crops in South Carolina and Texas.

Enphase stated it should take a $16 million to $18 million hit from restructuring and asset impairment costs, most of which shall be booked within the fourth quarter of this 12 months.

The photo voltaic sector has had a brutal 12 months throughout the board with the Invesco Solar ETF (TAN) down about 30%.