On August 26, Meyer Burger announced the cancellation of its plan to open a 2GW solar cell manufacturing plant in the United States. It issued a statement on the same day saying that it was no longer economically viable to build a plant in Colorado Springs, Colorado.
Meyer Burger's industrial restructuring plan not only requires the suspension of the Colorado Springs solar cell plant, but also its module plant in Goodyear, Arizona, which is currently in the capacity ramp-up stage. The original plan for an annual capacity of 1.4GW module plant and 0.7GW expansion plan has also been shelved.
In addition, the existing battery production in Thalheim, Germany will remain fully operational. This decision means that contrary to the original plan, the battery production base will continue to be the main force in supplying batteries to the US component factories. Meyer Burger said that under current market conditions, it is most economical to produce batteries in Thalheim. Its component production plant in Freiberg, Germany has been temporarily closed due to lack of financial support for local manufacturers.
Previously, Meyer Burger attempted to monetize tax credits through the 45X tax credit for advanced manufacturing, which is part of the Inflation Reduction Act (IRA). In July 2023, Meyer Burger announced that it would build a new solar cell factory in Colorado, with production operations scheduled to begin in 2024 and up to $1.4 billion in tax credits to be monetized by the end of 2032.
In its restructuring plan announcement, the company said it would continue to seek smaller debt financings by monetizing tax credits for its U.S. module production facilities, adding that its financing requirements would be “significantly reduced” due to the Colorado plant shutdown.
In addition to announcing a "comprehensive" industrial restructuring plan and cost-cutting initiatives, Meyer Burger also postponed the publication of its previously announced half-year financial report for September 16, 2024, to September 30, 2024. The company said further delays were possible subject to regulatory approval.
Changes are also expected at the board level. Mark Kerekes has resigned from the board, and the company said that changes will be made to the board following the industrial restructuring plan.
“We would like to thank Mark Kerekes for his very constructive cooperation and significant contributions during his time as a member of the board,” said Franz Richter, chairman of the board of Meyer Burger.
Source：https://mp.weixin.qq.com/s/muCqgZ9fyAym6F6RRaJfDQ
