Meyer Burger Technology Ltd plans capital increase to support US expansion
Meyer Burger Technology Ltd, a leading player in the photovoltaic industry, has announced the convening of an Extraordinary General Meeting to authorise a capital increase through a rights issue of CHF 200 to 250 million. The purpose of this measure is to finance the completion of the production facilities in Colorado and Arizona and at the same time to discontinue production in Freiberg in preparation for its closure.
In response to the continued losses in Europe and the attractive opportunities in the US market, Meyer Burger has undertaken a strategic realignment. This realignment includes a capital increase to close a financing gap of CHF 450 million and to achieve a positive cash flow in the medium term. The planned rights issue is intended to help finance the completion of the plants in the USA, which will significantly increase production capacity.
In addition to the planned rights issue, Meyer Burger has received an export credit guarantee from the German government of up to USD 95 million and is seeking further financing through an Advanced Manufacturing Production Tax Credit of up to USD 300 million. In addition, the company is pursuing the possibility of a loan guaranteed by the US Department of Energy to support the completion of its manufacturing facilities in Colorado Springs and Goodyear.
These financing measures underscore Meyer Burger’s commitment to expanding its presence in the United States and capitalising on market opportunities there. The investment in the US manufacturing facilities is a key step in strengthening the company’s global competitiveness and securing long-term growth.
Gunter Erfurt, CEO of Meyer Burger, emphasises the importance of the rights issue and other sources of financing for the expansion plans in the USA. Franz Richter, Chairman of the Board of Directors, emphasises that the implementation of these plans will enable Meyer Burger to leverage its technological leadership position to drive commercial success and generate investor returns.
Meyer Burger’s strategic actions, including the planned capital increase and diversification of funding sources, are aimed at expanding production capacity in the United States and positioning the company for a profitable future. These developments are of critical importance to property management professionals as they have a direct impact on global supply chains and the availability of photovoltaic technologies.