Enphase Energy announced plans to restructure its operations to accelerate its path to profitability. This will include an approximately 18 % reduction in force.
“This is a challenging decision, and we are very grateful for the hard work and professionalism of all affected employees. However, these actions are necessary to create a near-term path to sustained profitability, while we deliver the new and innovative products we have promised our customers,” said Paul Nahi, president and CEO of Enphase. “The gains we have seen in our inverter market share in the U.S. and global residential markets, along with the positive reception of the Enphase Storage System in Australia, the U.S. and the U.K., validate Enphase’s ability to continue to lead the industry.”
Enphase is the world’s leading provider of microinverters, with over 13 million installed in more than 540,000 systems around the world. According to Greentech Media, Enphase makes up over 80 percent of the global microinverter market, a market they predict will double in size (by MWac) from 2016 to 2018. Further, in the most current market share data available from Greentech Media, Enphase gained 5.4 percent share in the U.S. residential solar market from the first quarter to the third quarter of 2016.
Earlier this month, Enphase announced a $10 million strategic investment in the company by T.J. Rodgers, founder and former CEO of Cypress Semiconductor, and John Doerr, chairman of Kleiner Perkins Caufield & Byers.
News item from Enphase Energy