Meyer Burger's $228m Boost for US Expansion
Apr 4, 2024 11:38 AM ET
- Swiss solar giant Meyer Burger secures $228 million for US expansion, with plans for new facilities in Colorado and Arizona. Stock trading begins April 5.
Swiss solar products manufacturer Meyer Burger Technology AG has raised USD 228 million from a recent rights issue to fund its expansion in the US. The company will issue a total of 20.14 billion new shares, with some 496.3 million new shares being placed with institutional investors at CHF 0.0207 apiece.
The newly-issued stock is set to start trading on the SIX Swiss Exchange on April 5. Meyer Burger plans to use the capital to complete a solar cell manufacturing facility in Colorado Springs, Colorado, and a solar module plant in Goodyear, Arizona, each with an annual capacity of 2 GW. The company is shutting down module production at its Freiberg site in Germany due to challenging market conditions in Europe.
How will Meyer Burger use $228 million raised from recent rights issue?
- Complete a solar cell manufacturing facility in Colorado Springs, Colorado
- Build a solar module plant in Goodyear, Arizona
- Each facility will have an annual capacity of 2 GW
- Shut down module production at its Freiberg site in Germany due to challenging market conditions in Europe
Also read
