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"Meyer Burger Technology AG announced today that the planned
construction of a solar cell production facility in Colorado
Springs, Colorado, USA, is no longer financially viable for the
company due to recent developments and that the project will
therefore be discontinued," the firm said in a statement.
The firm said its board of directors had asked management to
draw up a "comprehensive restructuring and cost-cutting program"
and that board member Mark Kerekes was stepping down.
Following the Colorado decision, Meyer Burger said it would be
focusing on its module production plant in Goodyear, Arizona,
which is already largely installed.
The expansion of nominal module production capacity in Goodyear
by an additional 0.7 gigawatts has been suspended for now, it
said. Debt financing previously sought via monetization of 45X
tax credits will be pursued on a reduced scale, it added.
The board now expects the firm's financing requirements will be
significantly lower and that the financing gap remaining after
its April 2024 capital hike will be reduced. The medium-term
EBITDA target and the firm's debt ratio are also expected to be
significantly lower than previously expected, it added.
The company's cell production site in the eastern German
municipality of Thalheim will remain fully operational and -
contrary to previous plans - will continue to form the backbone
of Meyer Burger's solar cell supply, it said.
Meyer Burger, whose shares have been under pressure amid
financing struggles, said it was postponing publication of its
half-year results from Sept. 16 until Sept. 30 or later.
(Reporting by Dave Graham; Writing by Miranda Murray; Editing by
Tom Hogue and Michael Perry)
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