Switzerland's Meyer Burger shifts from making solar machinery to cells

Solarworld AG

26/05/2021 09:46

ZURICH, May 26 (Reuters) - Switzerland's loss-making Meyer
Burger Technology  MBTN.S  has shifted from manufacturing solar
machinery to making solar cells and modules, part of a pivot by
its top shareholder, Russian oligarch Pyotr Kondrashev.
    The company opened a solar module plant on Wednesday in
eastern Germany, a week after it opening a separate solar cell
plant in the region, moves that follow bankruptcies in the solar
industry https://reut.rs/3bS97yo in the last decade.
    A solar module is a photovoltaic panel made up of
interconnected solar cells.
    Meyer Burger has lost some $1 billion since 2012 as it
struggled to sell its machinery used to make solar cells,
including to manufacturers in China, amid a supply glut. 
    Kondrashev, an Austrian-based billionaire with 14.7% of
Meyer Burger shares, and managers at his investment vehicle
Sentis Capital pushed Meyer Burger from 2018 to use its
machinery to make its own solar cells, which the company says
are more efficient and durable than those of rivals.
    Armed with up to 22.5 million euros ($27.5 million) in
German government aid awarded in January for environmentally
sustainable solar cell production, Meyer Burger hopes its new
factories will help it rebound from years of disappointing
results with "Made in Europe" branded products.  urn:newsml:reuters.com:*:nASN000ON3
    The module production in Freiberg near Dresden and the solar
cell production facility in Bitterfeld-Wolfen north of Leipzig
are using renovated plants once owned by SolarWorld  SWVKk.F ,
which failed in 2017 due to a glut in production that led to a
series of bankruptcies https://www.reuters.com/article/sagsolarsrom-insolvency-idUSL6N0JS1E920131213.
    
    ($1 = 0.8172 euros)
    

 (Reporting by John Miller; Editing by Edmund Blair)
 ((J.Miller@thomsonreuters.com; +41 58 306 7734; Reuters
Messaging: j.miller.thomsonreuters.com@reuters.net))