Jan 31 (Renewables Now) - US microinverter maker Enphase Energy Inc (NASDAQ:ENPH) on Monday said it will restructure its operations, including an about 18% "reduction in force."
Paul Nahi, president and chief executive, said the restructuring is needed "to create a near-term path to sustained profitability."
"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," the CEO stated.
The company did not provide details about the financial impact of the planned measures.
The news comes after earlier this month, Enphase got a USD-10-million (EUR 9.4m) strategic investment from TJ Rodgers, founder and former chief executive of Cypress Semiconductor Corp (NASDAQ:CY), and John Doerr, chairman of Kleiner Perkins Caufield & Byers.
The company announced an 11% cut to its global workforce last September as part of restructuring and cost savings initiatives.
(USD 1.0 = EUR 0.937)