Meyer Burger Technology AG, the world's leading photovoltaic technology company, has unveiled a strategic plan to mitigate losses and prioritize profitable expansion in the US. This decision, driven by the distortion of the European market, involves potential closures and strategic partnerships to accelerate the adoption of the company's cutting-edge technology. Unfortunately, part of the plan includes the closure of one of Europe's largest solar module production plants in Germany, which will affect approximately 500 jobs. However, the company intends to continue solar cell production in Germany to support increased manufacturing in the United States.

Gunter Erfurt, CEO of Meyer Burger, highlighted the advantages of the US market and expressed confidence in the company's leading technological position and positive industrial policies. Despite a projected EBITDA loss of at least CHF 126 million for fiscal 2023, Meyer Burger sees potential growth in the US, with plans to start production at its Goodyear facility in the second quarter of 2024.

#MeyerBurger will mit Strategiewechsel gravierende Marktverzerrungen in Europa bewältigen: Klarer Fokus auf #Solarmodul #Produktion in den USA, gleichzeitig wohl Schließung der Fabrik in #Freiberg bis Anfang April. Mehr hier: https://t.co/41Bo1RUKEe pic.twitter.com/YbBQoZj4Fs

— Meyer Burger (@meyerburger) January 17, 2024

According to Meyer Burger, financial challenges in 2023, driven by oversupply due to Chinese production and commercial constraints, have led the company to reevaluate its European strategy. The absence of policies supporting a level playing field, such as the Net Zero Industry Act, further complicates the company's European operations, potentially leaving the continent dependent on Chinese imports of solar components.

To address financing needs of approximately CHF 450 million until cash flow positive in 2025, Meyer Burger is exploring various financing options, including discussions with the German Federal Ministry of Economic Affairs and Climate Protection. The company is also considering strategic partnerships and possible equity financing.

Gunter Erfurt emphasizes taking advantage of the attractive US market, where government support schemes such as the Inflation Reduction Act provide an enabling environment for solar manufacturers. The company is in conversations with potential strategic partners and regrettably announces the resignation of Urs Schenker from the board of directors.

On the other hand, Meyer Burger assured that it aims to finalize key decisions by the second half of February 2024, and seeks to meet these challenges while maintaining its commitment to technology leadership and global growth.