PVTIME – Meyer Burger Technology AG, a leading manufacturer of premium solar modules and cells, recently published its 2023 annual report after announcing a strategic shift to improve performance in the US.
For the year 2023, Meyer Burger Technology reported a total loss of CHF -291.9 million, a decrease of 8% compared to CHF -69.9 million in 2022, and that was mainly due to the unfavourable market conditions and consequently the announcement to prepare the closure of the Freiberg site.
Meanwhile, the annual production volume of solar modules reached 650MW by the end of 2023, when the nameplate capacity was announced at 1.4GW, as production was below full capacity due to the distortions in the European market. With an increased module inventory of around 365MW, sales reached CHF 135.0 million, down from CHF 147.2 million in 2022.
Severe price erosion in the European solar market prevented Meyer Burger from achieving the targeted customer sales volumes. As a result, the company decided to make substantial investments to shift its business focus to the United States. A module plant in Arizona, Goodyear, US, is currently under construction and is expected to come on stream in the second quarter of 2024. this new facility, with a production capacity of 2GW of solar modules, will initially be supported by solar cell production in Thalheim, Germany. In addition, cell production in Colorado Springs, Colorado, with a production capacity of 2GW of HJT cells, is expected to commence towards the end of 2024, subject to sufficient financing.
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