SolarEdge Technologies (SEDG) said Monday it has signed safe harbor agreements with several residential solar installation and financing companies in the US, in addition to announcing its second sale of tax credits it received as a US-based manufacturer of solar power equipment.

The safe harbor agreements will allow the company's partners to qualify for domestic content bonus tax credits for using SolarEdge inverters, power optimizers and batteries produced from its facilities in Texas and Florida. The new deal covers deliveries expected to take place throughout 2025, the company said.

SolarEdge also did not say how much it received through the sale of Section 45X tax credits, which were authorized in August 2022 by the US Congress as part of the Inflation Reduction Act.

In November, SolarEdge said it generated about $40 million in funding, after first accounting for discounts and fees, from the sale of inverters it produced during H1 2024.

The more recent sale will comprise tax credits it received during Q3 2024, the company said.

Shares of SolarEdge were climbing 19% Monday morning, following the company disclosing plans to reduce its yearly costs by as much as $11 million, including cutting 400 jobs and limiting discretionary spending.

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