Swiss solar manufacturer Meyer Burger has faced some tough times recently, with the closure of its US solar module factory in Arizona and now the insolvency filings of its subsidiaries in Germany. The company has been forced to lay off nearly 300 workers in Germany, with the Hohenstein-Ernstthal and Bitterfeld-Wolfen facilities being affected.
Meyer Burger Germany in Hohenstein-Ernstthal, which specializes in mechanical engineering and technology development, employed 289 people, while Meyer Burger Industries’ solar cell factory in Bitterfeld-Wolfen had 331 employees. However, subsidiary Meyer Burger (Switzerland) AG in Thun will remain operational, along with Meyer Burger (Americas) Ltd.
The company has been struggling financially, leading to the shutdown of its US plant in Goodyear, Arizona. The facility, which was still in its ramp-up phase with a planned annual production capacity of 1.4 gigawatts, had to let go of all 282 employees due to a lack of funding. Meyer Burger had just begun assembling solar cells imported from its German factory before the closure.
Meyer Burger is currently in talks with bondholders to restructure debt tied to two convertible bonds that mature in 2027 and 2029. The future of its factories in eastern Germany remains uncertain, as around 300 employees at each site were furloughed last year.
The company has been grappling with competition from cheaper Chinese solar imports and had to cut around 20% of its workforce in 2024. Despite securing bridge financing in December, Meyer Burger seems to have run out of funds.
As the company navigates these challenging times, it has requested an extension for presenting its 2024 financial results. More information will be shared as it becomes available.
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It’s important to note that Meyer Burger has used affiliate links in its content, and readers should be aware of this when considering any recommendations. The company’s journey through financial difficulties serves as a cautionary tale in the solar industry, highlighting the challenges faced by manufacturers in a competitive market.
