Enphase Energy will cut workforce 18 percent

Petaluma solar component maker Enphase Energy Inc., which last year suffered significant losses, on Monday announced it would cut its workforce by about 18 percent.

Enphase President and ?CEO Paul Nahi acknowledged in a statement the cuts amounted to a “challenging decision,” but said “these actions are necessary to create a near-term path to sustained profitability.”

Enphase didn’t reveal how many workers it currently employs or would lay off.

The company, the world’s largest maker of solar energy microinverters, last fall reported that for the nine months ending September 30, it lost $1.16 per share of common stock, compared with a loss of 14 cents a year earlier.

Earlier this month, Enphase announced it had received a ?$10 million strategic investment in the company.

Robert Digitale