Meyer Burger announces a capital increase to finance its facilities in the United States

Meyer Burger Technology AG has convened an Extraordinary General Meeting (EGM) to approve a capital increase from 200 to 250 million Swiss francs to finance the completion of its manufacturing facilities in Colorado and Arizona. This decision is part of the company's plan announced on January 17 to stop the ongoing losses in Europe and seize opportunities in the attractive American market. The company expects this measure to bridge the financing gap of 450 million CHF, paving the way for medium-term profitability.

Simultaneously, the German federal government has approved an export credit guarantee for financing of up to 95 million US dollars. Meyer Burger is also aiming for an advanced production tax credit (45X) financing of up to 300 million US dollars. Additionally, the company is exploring additional financing options, including a potential loan guaranteed by the U.S. Department of Energy.

These financing efforts are intended to support the expansion of Meyer Burger's solar cell and solar module production capacities in the United States, with a nominal annual production capacity of about 2 GW for each site. The completion of the facilities is scheduled for late 2024 and the second quarter of 2024, respectively, allowing the company to target an annual EBITDA of around 250 million CHF in the medium term.

In preparation for this expansion, Meyer Burger has decided not to commit certain capital investments for the completion of its solar cell manufacturing facility in Colorado until the additional financing option is clarified. This decision adjusts the completion timeline without affecting the start of solar module manufacturing in Arizona.