Plans for Colorado Springs Facility Scrapped Amid Financial Pressures
Meyer Burger has announced a major restructuring initiative, which includes canceling its plans to establish a 2 GW solar cell manufacturing facility in Colorado Springs, USA. The Swiss-German PV manufacturer stated that constructing the plant is no longer financially feasible under current market conditions. Alongside this, the company is pausing its planned 0.7 GW expansion of the existing 1.4 GW module production plant in Goodyear, Arizona.
Thalheim Site to Remain Core of Operations
Despite the setbacks in the US, Meyer Burger confirmed that its existing cell production site in Thalheim, Germany, will remain a critical component of its solar cell supply chain. The company noted that the German facility offers the most cost-effective production option at this time, reversing earlier plans to diversify its production base.
Restructuring Efforts and Leadership Changes
In response to these changes, Meyer Burger’s board has tasked the management team with developing a comprehensive restructuring and cost-saving strategy. The company is adjusting its financial strategy by scaling down its debt financing needs, leveraging available US tax credits more conservatively. Additionally, the publication of its half-year financial results has been postponed from September 16 to September 30, 2024, with potential for further delay pending regulatory clearance. Leadership changes are also underway, with Mark Kerekes stepping down from the board, signaling a shift towards a new direction for the company’s governance.
