07:54 AM EST, 11/27/2024 (MT Newswires) -- SolarEdge Technologies ( SEDG ) said Wednesday it will shut down its energy storage division and lay off about 500 employees, mostly in South Korea, as part of its strategy to focus on core solar activities.

The company said it expects to save $7.5 million in quarterly operating expenses due to the closure of the business, with total savings to be realized by H2 2025.

SolarEdge ( SEDG ) said it plans to sell assets from the storage division, including battery manufacturing facilities, but will continue selling batteries for residential, commercial and industrial markets.

Shares of SolarEdge ( SEDG ) were up more than 3% in recent premarket activity.