Meyer Burger has announced that it will be closing its Colorado facility after securing a USD 90 million financial package from the City of Colorado Springs and the State of Colorado. In a July 2024 statement, the company also revealed that Chief Commercial Officer (CCO) Moritz Borgmann would be stepping down for personal reasons. Following this, the company surprised many by disclosing plans to shutter its Colorado operations despite the financial support. Additionally, Meyer Burger accepted loans totaling more than USD 300 million from the U.S. Department of Energy and applied for the Advanced Manufacturing Tax Credit 45X, a provision of the U.S. Inflation Reduction Act (IRA) under the Biden administration’s Green New Deal.
“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 due to recent developments, and the project will therefore be discontinued,” the company stated.
The firm’s board of directors has tasked management with developing a “comprehensive restructuring and cost-cutting program.” The company also announced the departure of board member Mark Kerekes and noted that its financing gap, which remained after an April 2024 capital raise, would be significantly reduced. Furthermore, the firm’s medium-term EBITDA target and debt ratio are now expected to be considerably lower than previously projected.
I reached out to the company for further comment, but they declined.
Story by Skeeter Wesinger