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It will supply solar cells to its own solar module plant in Goodyear, Arizona, with an initial capacity of two gigawatts in Colorado Springs, Colorado, Meyer Burger announced on Monday. Production is scheduled to begin in the fourth quarter of 2024.
In this regard, Meyer Burger will benefit from a $90 million financial package negotiated by the City of Colorado Springs and the State of Colorado. It also calls for billions in high tax credits thanks to the US government’s “Inflation Reduction Act.”
Gunter Erfurt, boss of Meyer Burger, recently called for more support for his industry at the Intersolar trade fair in Munich. He said that while the red carpet was being rolled out for European manufacturers in the US, market conditions in Europe were very bad.
Meyer Burger currently manufactures solar cells in Saxony-Anhalt (DE), which will later be used to build modules. Capacity is expected to grow to 3.4 gigawatts by the end of 2024 – three times today. By 2027, this could increase to about 15 gigawatts. However, the company had previously tied this large investment to financial support.
But in Germany, Meyer Burger is struggling. The company said in an announcement today that the oversupply of solar panels in China is putting pressure on prices. Therefore, Meyer Burger expects a negative operating result of approximately CHF 42 million in the first half of 2023.
At the same time, Moritz Borgmann, Chief Commercial Officer (CCO), who is a key executive, is leaving the company for “personal reasons”. The Germans “significantly shaped” Meyer Burger’s transformation from a factory manufacturer to a manufacturer of solar cells and modules, according to the statement.
Now, CEO Gunter Erfurt takes over responsibility for business operations in Europe and the rest of the world. Daniel Menzel, who is in charge of the operational business, meanwhile, takes over sales and business development in the US. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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