Meyer Burger's CEO and CFO to exit as revamp plan unveiled
Sep 18, 2024 11:49 CESTSwiss solar products manufacturer Meyer Burger Technology AG (SWX:MBTN) is looking to raise around CHF 200 million (USD 226.6m/EUR 208.1m) to finance its US expansion via a rights issue it will seek approval for at its extraordinary general meeting today.
The company announced the planned rights issue, aimed at financing the completion of its Colorado and Arizona manufacturing facilities, in February.
Sentis Capital PCC, Meyer Burger’s largest shareholder, and DE Shaw Renewable Investments (DESRI), Meyer Burger’s largest customer in the US, have committed to investing up to CHF 67.5 million in total.
Meyer Burger plans to issue about 20.1 billion new shares at a subscription price of CHF 0.01 per share. The subscription ratio will be 28 new shares per 5 existing shares.
The company is also pursuing other financings as it seeks to close a funding gap of CHF 450 million. The ramp up of cell production in Colorado Springs is expected to occur only after receipt of sufficient funds. Subject to that, the company says it currently expects to open its US cell factory in 2025.
Meyer Burger is setting up 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 is closing module production at its Freiberg site in Germany due to difficult market conditions in Europe.
(CHF 1 = USD 1.133/EUR 1.040)
Meyer Burger's CEO and CFO to exit as revamp plan unveiled
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