Meyer Burger Halts German Plant, Shifts Focus to US

• Swiss solar tech company Meyer Burger shifts focus to the US, closing its German manufacturing site and anticipating significant profits in the American market.

Swiss solar technology company Meyer Burger has announced plans to halt its manufacturing operations in Germany and focus on growth in the US. The company cited the deteriorating market environment in Europe, including high inventory levels and low prices resulting from Chinese competition, as the reason for the decision. Meyer Burger plans to close its solar module production site in Freiberg, Germany, affecting around 500 employees. However, its solar cell production in Thalheim, Germany, will continue to support the ramp-up of US manufacturing in Goodyear. The company expects to generate significant interest and profits in the US market due to its leading technology position and favorable industry policies.

Meyer Burger's withdrawal from the European solar market will further increase the continent's dependence on imports from China. The company expects to report an EBITDA loss of at least CHF 126 million ($137 million) for the 2023 fiscal year. It currently has a cash position of approximately CHF 150 million ($163 million) and requires funding of around CHF 450 million ($489 million) until it becomes cash flow positive in 2025. Meyer Burger is exploring various financing options, including discussions with the German Federal Ministry for Economic Affairs and Climate Protection and potential equity financing.

What are Meyer Burger's plans for its manufacturing operations in Germany and focus on growth?

• Meyer Burger plans to halt its manufacturing operations in Germany and shift its focus to growth in the US.
• The decision is driven by the challenging market conditions in Europe, including high inventory levels and low prices due to Chinese competition.
• The company will close its solar module production site in Freiberg, Germany, resulting in the loss of around 500 jobs.
• However, its solar cell production in Thalheim, Germany, will continue to support the ramp-up of manufacturing in Goodyear, US.
• Meyer Burger anticipates significant interest and profits in the US market, thanks to its leading technology position and favorable industry policies.
• The company's withdrawal from the European solar market will increase the continent's reliance on solar imports from China.
• Meyer Burger expects to report an EBITDA loss of at least CHF 126 million ($137 million) for the 2023 fiscal year.
• The company currently has a cash position of approximately CHF 150 million ($163 million) and requires funding of around CHF 450 million ($489 million) until it becomes cash flow positive in 2025.
• Meyer Burger is exploring various financing options, including discussions with the German Federal Ministry for Economic Affairs and Climate Protection and potential equity financing.