Meyer Burger Technology : reaches agreement with photovoltaic manufacturer EcoSolifer

Meyer Burger Tech­nol­ogy Ltd (SIX Swiss Ex­change: MBTN) and Ecoso­lifer Ltd have agreed to draw a line under a pro­ject from 2015. The 2015 con­tract in­cluded the de­liv­ery of an ear­lier gen­er­a­tion het­ero­junc­tion cell line for the man­u­fac­tur­ing plant in Csorna, Hun­gary. Ecoso­lifer, on its own ini­tia­tive, had tem­porar­ily sus­pended the pro­ject and there­fore the planned ac­cep­tance could not be com­pleted in 2016. Meyer Burger had to store the equip­ment for a longer pe­riod of time. After the re­sump­tion of the pro­ject, the plant could be put into op­er­a­tion de­spite dif­fi­cult con­di­tions and has now been fi­nally ac­cepted by Ecoso­lifer under a set­tle­ment agree­ment. Meyer Burger will con­tinue to pro­vide ser­vices for Ecoso­lifer.
In ac­cor­dance with the agree­ment, Ecoso­lifer will make an ad­vance pay­ment of CHF 0.89 mil­lion. In re­turn, Meyer Burger will make an im­pair­ment charge of CHF 2.86 mil­lion for 2020 on the in­stal­la­tions from 2015. As a re­sult, this trans­ac­tion will re­sult in a net loss of CHF 1.97 mil­lion and a net cash in­flow of CHF 0.89 mil­lion.

For Meyer Burger, the clos­ing of this chap­ter is a fur­ther step to free it­self from its past and to con­cen­trate on the new cap­tive busi­ness model and to enter into the solar cell and mod­ule pro­duc­tion it­self.