SolarEdge Technologies, Inc. ( SEDG ) shares are trading higher after the company revealed its 2025 plans, which include layoffs of approximately 400 employees and other spending reduction measures.

The company also expects pre-tax charges of $3 million to $5 million for severance and related costs, primarily cash-based, with the majority recognized in the first quarter of 2025.

Once completed, the workforce reduction is expected to save $9 million to $11 million quarterly, excluding implementation costs.

In a separate release today, the company disclosed safe harbor agreements with two of the largest U.S. residential solar installers and financers.

Notably, in late December, SolarEdge ( SEDG ) inked safe harbor agreements with Sunrun and one of the largest U.S. residential solar financers.

Under the agreements, SolarEdge ( SEDG ) will supply domestically produced inverters, Power Optimizers, and batteries, which, when paired with other U.S.-made equipment, will help partners qualify for domestic content bonus tax credits. The company expects deliveries to occur throughout 2025.

Additionally, the company has completed its second sale of 45X Advanced Manufacturing Production Tax Credits.

This transaction includes credits generated in the third quarter of 2024, backed by U.S.-manufactured inverters and Power Optimizers, qualifying for the 11c/w advanced manufacturing production credit.

The company plans to present corporate objectives for 2025 in the upcoming weeks.

Investors can gain exposure to the stock via ProShares S&P Kensho Cleantech ETF ( CTEX ) and SPDR S&P Kensho Clean Power ETF ( CNRG ) .

Price Action: SEDG shares are up 17.1% at $17.90 at the last check Monday.

Read Next:

Bank of America, Citigroup Exit Climate Alliance As Trump Policies Shift Energy Priorities