The construction of a solar cell manufacturing facility in Colorado Springs, Colorado, is currently not financially viable and has been put on hold
Meyer Burger focuses on the operation of the 1.4 gigawatt nominal module production capacity in Goodyear, Arizona, which is currently being ramped up
The previously targeted debt financing via the monetization of so-called 45X tax credits will be pursued with a lower volume. Meyer Burger expects significantly lower remaining financing needs and a lower medium-term profitability target
A restructuring program is being prepared in order to achieve sustainable profitability
Meyer Burger Technology AG announced today that the planned construction of a solar cell production facility in Colorado Springs, Colorado, USA, is no longer financially viable for the company due to recent developments and that the project will therefore be discontinued. The planned cooperation with a US technology group will not be implemented at present in view of the revised strategy.
As part of this realignment, Meyer Burger is focusing on the nominal capacity of 1.4 gigawatts at the module production plant in Goodyear, Arizona, U.S., which is already largely installed and in the ramp-up phase. The existing cell production site in Thalheim (Bitterfeld-Wolfen), Germany, will remain fully operational and - contrary to previous plans - will continue to form the backbone of Meyer Burger's solar cell supply. Under the current market conditions, these solar cells are the most economical option for supplying the module production in Goodyear. With this arrangement, the company expects to be able to service the existing long-term purchase contracts and to fully utilize the production capacity in Goodyear. The expansion of the nominal module production capacity in Goodyear by an additional 0.7 gigawatts has been suspended for the time being and remains an option that the company will decide on in the context of the upcoming restructuring program and depending on the progress of ongoing discussions with customers.
The debt financing previously sought through the monetization of 45X tax credits will continue to be pursued on a reduced scale, tailored to module production in the U.S. As a result of these changes, the Board of Directors expects 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. The medium-term EBITDA target and the Group's debt ratio are also expected to be significantly lower than previously expected.
In connection with the strategic changes, the Board of Directors has instructed the Management to draw up a comprehensive restructuring and cost-cutting program. This should take account of the realignment and thus lead to sustainable profitability.
In order to reflect the changes communicated today in the half-year financial statements in accordance with the applicable rules, Meyer Burger is postponing the publication of the half-year results previously announced for September 16, 2024 to September 30, 2024 or, with the approval of SIX Exchange Regulation, to a later date.
In addition, Mark Kerekes, member of the Board of Directors, has announced his resignation from the Board. The realignment of the company will require a new composition of the Board of Directors. "We would like to thank Mark Kerekes for his very constructive cooperation and significant contributions during his membership of the Board of Directors," said Franz Richter, Chairman of the Board of Directors of Meyer Burger.
18.09.2024, Meyer Burger
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