Shareholders Approve CHF 165 Million For Meyer Burger

Meyer Burger Secures Shareholder Approval For CHF 165 Million Gross Proceeds To Launch Itself As European Solar Cell & Module Manufacturer
05:30 PM (Beijing Time) - 11. July 2020
Meyer Burger solar PNG

PV production equipment maker Meyer Burger has the nod from its shareholders to move ahead on its new business model of solar cell and module manufacturing. (Photo Credit: Meyer Burger Technology Ltd)

Key Takeaways

  • Shareholders of Meyer Burger have green signaled Meyer Burger’s transformation efforts
  • They have approved ordinary capital increase with planned gross proceeds of CHF 165 million
  • Board now expects the company to achieve already achieve operating profit with 800 MW annual production volume

The path from being a solar PV equipment manufacturer to becoming a significant European solar cell and module maker is now clear for Switzerland’s Meyer Burger Technology Ltd as it has secured approval for an ordinary capital increase with planned gross proceeds of CHF 165 million during an extraordinary general meeting of its shareholders.

This capital increase, in the form of existing shareholders getting rights offering and a private placement to select investors, comes for a condition that the company raises gross proceeds of at least CHF 150 million. It expects this transaction to complete by the end of July 2020.

Meyer Burger is all set to begin work on its 800 MW solar cell and module production facilities at former sites of Sovello and Solarworld in Germany using its proprietary HJT/SmartWire technology, all for itself, with a view to ensure short ramp-up times and high product quality by way of investing in existing PV production infrastructure. By 2026, it targets capacity expansion to 5 GW.

“We would like to thank the shareholders for the trust they have placed in our plans. We will do everything in our power to make our new business model a success,” said Franz Richter, Chairman of the Meyer Burger Board of Directors. The board expects the company ‘will already be able to achieve an operating profit with this production volume’.

Meyer Burger claims to have received letters of intent to purchase over 2 GW annual production from potential customers in Europe and the USA. As shared previously, the company will initially target the rooftop solar segment with its high-performance HJT technology solar modules (see Meyer Burger Details Captive HJT Business Model).

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani