Meyer Burger seizes opportunity for accelerated growth and plans ordinary capital increase targeting gross proceeds of up to CHF 250 million
Meyer Burger Technology AG / Key word(s): AGMEGM |
- Board of Directors invites to Extraordinary Shareholders’ Meeting on October 28, 2022
- The recent supply agreement with DESRI reflects opportunity for accelerated growth of Meyer Burge
- The Board of Directors is seeking to generate gross proceeds of up to CHF 250 million. The funds from the planned capital increase are expected to enable Meyer Burger to expand annual manufacturing capacity for solar cells and solar modules to approximately 3 GW
- Meyer Burger is planning to launch an offering of subscription rights and newly issued shares of the company. The Offering is expected to comprise a rights offering pursuant to which holders of existing shares in Meyer Burger will receive rights to subscribe for the new shares
Meyer Burger Technology AG is planning an ordinary capital increase through a rights offering, targeting gross proceeds of up to CHF 250 million. Solar markets globally and in particular in Europe and the USA are showing continued strong growth, being additionally fueled by the recent energy crisis. Meyer Burger has successfully ramped its first solar cell and module production capacities, has successfully positioned its high-performance products in the European and U.S. markets and has recently signed a long-term supply agreement with the U.S. renewable-energy developer D. E. Shaw Renewable Investments (DESRI). Under the agreement, Meyer Burger expects to deliver between 3.75 and 5 gigawatts (GW) of solar modules into utility-scale solar projects over an approximately five-year time span, which starts in 2024. Against this background, Meyer Burger now intends to seize the opportunity for an accelerated expansion with the goal to expand its production capacity to approximately 3 GW per year.