Meyer Burger pockets USD 228m to back US growth

Swiss solar products manufacturer Meyer Burger Technology AG (SWX:MBTN) has raised CHF 206.8 million (USD 228m/EUR 210m) gross from a recent rights issue aimed at funding its expansion in the US.

The company said on Wednesday it will issue a total of 20.14 billion new shares. This includes some 496.3 million of new shares for which subscription rights had not been exercised and were subsequently placed with various institutional investors at CHF 0.0207 apiece.

The newly-issued stock is expected to start trading on the SIX Swiss Exchange on April 5.

As previously announced, Meyer Burger will use the fresh capital to fund the completion of a solar cell manufacturing facility in Colorado Springs, Colorado, and a solar module plant in Goodyear, Arizona with an annual capacity of 2 GW each. The manufacturer announced in January it is shutting down module production at its Freiberg site in Germany due to difficult market conditions in Europe.

(CHF 1.0 = USD 1.102/EUR 1.016)

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