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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Meyer Burger Technology AG    MBTN   CH0108503795

MEYER BURGER TECHNOLOGY AG

(MBTN)
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Sites decision: Meyer Burger wants to establish its own production of solar cells and solar modules in Saxony-Anhalt and Saxony

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07/09/2020 | 12:50pm EDT

Sites decision: Meyer Burger wants to establish its own production of solar cells and solar modules in Saxony-Anhalt and Saxony

  • Meyer Burger selects traditional solar sites in Bitterfeld-Wolfen (Saxony-Anhalt) and Freiberg (Saxony) for the establishment of production facilities
  • Use of existing infrastructure is aimed at saving resources - skilled workers and competencies available in the regions
  • Ramp-up plans: production start in the first half of 2021 with 400 MW solar cells and 400 MW solar modules, expansion to 5 GW planned
  • Use of locations requires successful implementation of capital increase

Meyer Burger Technology Ltd (SIX Swiss Exchange: MBTN) has chosen locations in the "Solar Valley" in Bitterfeld-Wolfen (Saxony-Anhalt) and in Freiberg (Saxony) to start its own solar cell and module production. "We are looking forward to revitalising two of the most traditional solar locations in Europe and creating new jobs," said Gunter Erfurt, CEO of Meyer Burger. "The fact that we are able to use existing infrastructures and the high level of expertise in the regions is a conscious strategic decision that will enable us to achieve short ramp-up times and high product quality".

A team of internal and external production specialists evaluated the conditions at the sites and rated them as very favourable. In Bitterfeld-Wolfen, Meyer Burger rents buildings of the former solar cell manufacturer Sovello on a long-term and cost-effective basis. Initially, the buildings will cover an area of 27,000 square metres; additional space can be rented for extensions if required. Meyer Burger will use its latest production equipment there to manufacture highly efficient solar cells using the proprietary heterojunction technology.

The high-efficiency cells are further processed into SmartWire modules in Freiberg, almost 150 kilometres away. "With Meyer Burger, there is once again a supplier of technologically leading solar cells Made in Europe," said Gunter Erfurt. "Almost all solar modules manufactured in Europe today contain cells that come from Asia."

Meyer Burger will manufacture the patent-protected SmartWire modules in a production facility of the former Solarworld Group. To date, it is the largest and most modern plant of its kind in Europe. With an area of around 19,000 square metres, it also offers optimal conditions for the conversion and adaptation of the existing infrastructure and the highly automated module production lines. Today, the plant has an annual nominal capacity of more than 600 MW, which can be increased to more than 800 MW with new technologies. In addition, Meyer Burger is acquiring the modern logistics and distribution centre (14,000 square metres) at the former Solarworld site in Freiberg, which will provide the infrastructure for the establishment of an efficient distribution structure. The parties have agreed with the insolvency administrator, Christoph Niering, not to disclose the purchase price.

The capacities for the start of production in the first half of 2021 will be 400 MW per year in solar cell production and 400 MW in module production. Further expansion is then planned up to 5 GW. Meyer Burger intends to produce next-generation solar modules that have a higher output per area and a significantly higher energy yield compared to the current standard technology.

Takeover of sites planned subject to completion of planned capital increase

The development of the two locations by Meyer Burger requires the successful implementation of the planned ordinary capital increase announced on 19 June 2020, with targeted gross proceeds of CHF 165 million. For this, the company requires the approval of the shareholders at the Extraordinary General Meeting on 10 July 2020. The transaction is expected to be completed by the end of July. Furthermore, the creditors' meeting of Solarworld Industries GmbH still has to approve the purchase agreement of the Freiberg sites.

Contacts:

Nicole Borel

Head of Corporate Communications

Tel: +41 33 221 28 34

nicole.borel@meyerburger.com

Dynamics Group AG

Andreas Durisch, Senior Partner
Tel +41 43 268 27 47 | Mob +41 79 358 87 32

adu@dynamicsgroup.ch

Media contact Germany:

Anne Schneider

Corporate Communications & Marketing

Tel: +49 3723 671 2235 | Mob +49 174 3491790

anne.schneider@meyerburger.com




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Financials
Sales 2020 103 M 112 M 112 M
Net income 2020 -80,5 M -87,8 M -87,8 M
Net cash 2020 103 M 112 M 112 M
P/E ratio 2020 -8,88x
Yield 2020 -
Capitalization 612 M 668 M 667 M
EV / Sales 2020 4,96x
EV / Sales 2021 5,81x
Nbr of Employees 657
Free-Float 85,2%
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Mean consensus HOLD
Number of Analysts 3
Average target price 0,24 CHF
Last Close Price 0,24 CHF
Spread / Highest target 14,8%
Spread / Average Target -1,64%
Spread / Lowest Target -18,0%
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Managers
NameTitle
Gunter Erfurt Chief Executive & Technology Officer
Franz Richter Chairman
Jürgen Schiffer Chief Financial Officer
Andreas R. Herzog Non-Executive Director
Mark Kerekes Director
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