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Palmetto Layoffs: Solar Power Software Company Staff Cuts Close Out 2023

December 27, 2023 by Joe Panettieri

Palmetto layoffs involved an undisclosed number of staff cuts at the solar energy software company in December 2023 and September 2023, Charlotte Inno reported.

Palmetto Solar, based in Charleston, South Carolina, develops a clean energy operating platform that "enables end-to-end sales, financing, fulfillment, permitting, energy intelligence insights, digital sales funnel and a digital customer experience." The company has a Build Partner program for solar installation jobs.

We don't know current headcount figures for the company.

Solar and Clean Energy Industry Layoffs: Why?

The solar energy market faced multiple hurdles in 2023. Despite rising solar energy consumption across the United States, many new projects -- particularly residential rooftop projects -- stalled.

Key hurdles included rising interest rates nationwide, and revised California policies that weakened solar incentives for residential customers.

Amid that backdrop, multiple renewable energy companies experienced layoffs in 2023. For instance, solar businesses cutting jobs included Enphase Energy and Maxeon Solar Technologies.

Palmetto Solar: Clean Energy Funding to Date

Meanwhile, Palmetto had been a high-flying unicorn prior to the solar industry hurdles of 2023.

Indeed, Palmetto has raised roughly $670 million to date, according to Tracxn. Crunchbase puts the total finding at $565 million. Example funding rounds include:

Solar Energy, Sustainability and Green Technology Jobs: Reality Check

Despite the recent solar energy market hudles, demand for green jobs in the United States has grown roughly 50% since 2019, according to Lightcast.

In response, companies such as AccentureEYGoodwill and Microsoft have launched green jobs training programs.

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