Thank you for your continued support. 

Zvi Lando
Chief Executive Officer

Sustainability is at the heart of what we do at SolarEdge. Since the Company’s foundation, we have supported global efforts to mitigate the adverse effects of climate change through our renewable energy solutions. By optimizing energy generation and consumption, our PV systems greatly support efforts to curb global temperature rise and reduce climate risks affecting nations worldwide. To date, over 3.4 million homes are equipped with SolarEdge PV systems, and over 50% of Fortune 100 companies have SolarEdge technology on their rooftops. The carbon-free power produced by these systems helps to annually avoid over 40 million metric tons of greenhouse gas emissions - equivalent to removing 9.6 million gasoline powered cars from the road, permanently.

2023 was a challenging year for our industry. The first half of the year maintained the business momentum of 2022, with a high demand for our products, record revenues and challenges in meeting market growth. This trend changed drastically during the second half of 2023, with a slowdown in demand driven by changes in regulation, electricity prices and excess inventory, requiring us to take steps to align manufacturing capacity and cost cutting measures.

Nevertheless, we remain committed to accelerating the move to a low-carbon world, powered by a decentralized, distributed, interconnected energy network, where electricity is generated, stored, managed and used in the most optimal manner. We place great emphasis on safety and cybersecurity, investing in advanced technological solutions for our customers’ protection. This year, we have started the roll out of SolarEdge ONE, an intelligent energy management and optimization system, allowing greater energy and financial savings in both residential and commercial applications. We also introduced the first DC-optimized inverter solution for utility-grade applications, TerraMax™, allowing for greater yields and facilitating new installation opportunities in challenging terrains.

In response to the U.S. Inflation Reduction Act (IRA) of 2022 encouraging U.S. based manufacturing of renewable energy products, and in-line with our policy of distributed production, we opened a manufacturing facility in Austin, Texas and are in the process of ramping another facility in Florida.

In parallel, we continue to make progress towards our ESG targets and to strengthen our related practices. Our sites around the world implement energy and resource saving techniques, and we are generating clean power from our own rooftop PV systems in several regions where we operate. In addition, 83% of the waste generated by our sites was either recycled or recovered to energy.

We encourage gender equality in our workforce, creating opportunities for women in all roles, with emphasis on managerial, R&D and revenue generating positions.

Our responsible practices have increasingly received external recognition. For example, SolarEdge was recently included in the 2024 Corporate Knights list of the top 100 sustainable corporations in the world. EcoVadis awarded us with a ‘Silver medal’, placing us in the top 15% of over 130,000 globally rated companies. We have similarly been included in the upper level of several investor-facing ESG rankings.

Our Sustainability Report details the various ways in which SolarEdge is delivering on its promise to power the future of energy through our products, people, and business practices. Together with you, our stakeholders, we are working towards a cleaner and better-connected future for current and future generations.

Last year, 2022, was pivotal for the energy industry as both energy demand and energy prices continued to climb, historic legislation was enacted, and PV technology broadened its deployment beyond electricity generation and into storage and energy management.