28. Aug 2024
(ee-news.ch) Meyer Burger Technologie AG announces that the planned construction of a solar cell production facility in Colorado Springs, Colorado, USA, is currently not financially viable for the company due to recent developments and the project is therefore being stopped. The proposed collaboration with a US technology group cannot currently be implemented in view of the adjusted strategy. The existing cell production site in Thalheim in Germany will continue to operate at full capacity.
As part of this realignment, Meyer Burger is focusing on the nominal capacity of 1.4 gigawatts, which has already been largely installed and is currently being ramped up, at the module production plant in Goodyear, Arizona, USA.
Thalheim remains Rückgrat
The existing cell production site in Thalheim (city of Bitterfeld-Wolfen), Germany, will continue to operate at full capacity and – contrary to previous plans – will continue to form the backbone of Meyer Burger’s solar cell supply in the future. Under current market conditions, these solar cells are the most economical option for supplying module production in Goodyear. The existing long-term purchase contracts can probably be met and production capacities in Goodyear can be fully utilized.
Discussions are underway with other potential customers for the purchase of additional quantities under the new conditions. The expansion of the nominal module production capacity in Goodyear by a further 0.7 gigawatts is temporarily suspended and remains an option that the company will decide on as part of the upcoming restructuring program and depending on the outcome of current discussions with customers.
Financing requirements significantly lower
The previously targeted external financing through monetization of so-called 45X tax credits will be pursued on a reduced scale, tailored to module production in the USA. Due to these changes, the Board of Directors assumes that the company’s financing requirements will be significantly lower and that the financing gap remaining after the capital increase in April 2024 will be reduced to a significantly smaller extent. The medium-term targeted EBITDA level and the Group’s debt ratio are also expected to be significantly lower than previously expected.
I will restructurengs and cost reduction program
In conjunction with the strategic changes, the Board of Directors has instructed the management to develop a comprehensive restructuring and cost-cutting program. This should take the revised direction into account and thus lead to sustainable profitability.
In order to reflect the changes in the half-year financial statements in accordance with the applicable rules, Meyer Burger is postponing the publication of the half-year figures previously announced for September 16, 2024, to September 30, 2024 or, with the approval of SIX Exchange Regulation, to a later date (see ee-news.ch of August 13, 2024 >>).
In addition, Mark Kerekes, member of the Board of Directors, announced his resignation. The company’s realignment requires a new structure on the Board of Directors.
Text: ee-news.ch, Source: Meyer Burger Technology AG
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