MEYER BURGER TECHNOLOGY AG Annual
Report
20
23
Key Figures
Consolidated income statement
in TCHF
2023
2022
Net sales | 135 | 035 | 147 214 | |
Operating income after costs of products and services¹ | -4 565 | 73 | 011 | |
EBITDA² | -163 592 | -34 630 | ||
in % of net sales | -121.1% | -23.5% | ||
EBIT³ | -250 175 | -53 594 | ||
in % of net sales | -185.3% | -36.4% | ||
Net result for the year | -291 938 | -69 850 | ||
- "Operating income after costs of products and services" corresponds to total income including other operating income, e.g. gains from sales of Group companies or property, plant and equipment, less changes in inventories or finished and semi-finished products and machines before acceptance, cost of products and work in progress and capitalized goods and services.
- "EBITDA" corresponds to the operating result (EBIT) before depreciation on tangible fixed assets and amortization on intangible assets.
- "EBIT" corresponds to the result before the financial result, the result from investment in associates, the non-operating result and income taxes.
Consolidated balance sheet
in TCHF
Total assets
Current assets
Non-current assets
Current liabilities
Non-current liabilities
Equity
Equity ratio
31.12.2023 | 31.12.2022 |
681 216 | |
720 442 | |
386 068 | 473 798 |
295 148 | 246 644 |
160 517 | 89 452 |
329 289 | 202 109 |
191 410 | 428 881 |
28.1% | 59.5% |
Net sales | EBITDA | |||||
in CHF million | in CHF million | |||||
2019 | 262 | 2019 | 1 | |||
2020 | 90 | |||||
2020 | -45 | |||||
40 | ||||||
2021 | 2021 | -72 | ||||
2022 | 147 | |||||
2022 | -35 | |||||
2023 | 135 | |||||
2023 | -164 | |||||
Cash and cash equivalents | Equity and equity ratio | ||||||
in CHF million | in CHF million and % | ||||||
2019 | 36 | 2019 | 63.2% | 169 | |||
87.5% | |||||||
2020 | 140 | 2020 | 260 | ||||
53.0% | |||||||
2021 | 231 | 2021 | 261 | ||||
59.5% | |||||||
2022 | 293 | 2022 | 429 | ||||
28,1% | |||||||
2023 | 150 | 2023 | 191 | ||||
Contents
German and English language version | |
Sustainability Report | |
Foreword | 13 |
About This Report | 13 |
About the Organization | 14 |
Sustainability Strategy | 20 |
Governance, Policies, and Practices | 21 |
Material Impacts | 25 |
Climate Change | 27 |
Circular Economy and Resource Efficiency | 30 |
Biodiversity | 33 |
Water Resources | 34 |
Environmental Pollution | 35 |
Employment Practices | 36 |
Non-Discrimination and Equal Opportunity | 41 |
Occupational Health and Safety | 44 |
Asset Integrity and Critical Incident Management | 45 |
Freedom of Association and Collective Bargaining | 46 |
Supply Chain Traceability | 49 |
Forced Labor and Modern Slavery | 51 |
Economic Impacts | 53 |
Public Policy | 56 |
GRI Content Index | 58 |
Corporate Governance | |
Group Structure and Shareholders | 63 |
Capital Structure | 66 |
Board of Directors | 71 |
Executive Board | 80 |
Compensation, Shareholdings, and Loans | 84 |
Shareholders' Participation Rights | 84 |
Change of Control and Defense Measures | 85 |
Auditors | 85 |
Information Policy | 86 |
Quiet Periods | 86 |
Remuneration Report | |
Letter to shareholders | 87 |
Compensation at a Glance | 88 |
Compensation Governance | 89 |
Compensation Policy and Principles | 90 |
Board of Directors | 91 |
Executive Board | 93 |
Equity Overhang and Dilution as at 31 December 2023 | 99 |
External Mandates of Board and Executive Board Members (Audited) | 99 |
Report of the Statutory Auditor | 100 |
Financial Statements | |
Consolidated Financial Statements - Meyer Burger Group | 103 |
Notes to the Consolidated Financial Statements | 108 |
Report of the Statutory Auditor | 137 |
Statutory Financial Statements - Meyer Burger Technology AG | 143 |
Notes to the Financial Statements | 145 |
Report of the Statutory Auditor | 155 |
Other Information | |
Information for Investors and the Media | 160 |
Addresses | 161 |
Legal Disclosure | 162 |
The Annual Report 2023 is available on the company website: https://www.meyerburger.com/en/investors/financial-reports-publications/
Letter to Shareholders
Dear Shareholders
Fiscal year 2023 was a very challenging one for Meyer Burger Technology. In the first half of the year, Meyer Burger confirmed its position as a leading premium solar manufacturer and production capacity in Germany was expanded as planned. However, as the year progressed, it became clear that dumping prices from Chinese suppliers in Eu- rope, coupled with a sharp rise in Chinese production overcapacity and a lack of market protection, led to unprecedented distortions in the European solar market, which had a serious impact on Meyer Burger's earnings.
While the first half of the year showed good growth with sales of CHF 96.9 million, sales in the second half of the year fell to CHF 38.1 million. Total sales in the financial year therefore amounted to CHF
- million. Despite the decline in sales, the vol- ume of solar modules produced increased to 650 megawatts, while module inventories rose signifi- cantly to around 365 megawatts. The operating re- sult was adversely affected by the underutilization of production capacity in Germany and impairment losses on production materials and finished prod- ucts, as well as costs for operating of the produc- tion facilities in Germany and the further expansion in the USA in 2023. Inventories increased to CHF
- million due to solar modules and cells pro- duced but not sold, especially in the second half of 2023. These inventories had to be written down for accounting purposes, resulting in an impairment of CHF 51.7 million. In total, this led to in a negative EBITDA of CHF 163.6 million. Excluding these im- pairments, the negative EBITDA would have been CHF 111.9 million. EBIT totaled CHF -250.2 million and was negatively impacted by unscheduled de- preciation of CHF 56.8 million on property, plant and equipment and intangible assets following an impairment test due to another special effect. To- gether with a negative financial result (CHF 42.6 million), this triggered a loss for the period of CHF
- million (CHF 183.4 million excluding the one- off effects from the additional inventory write-
Sehr geehrte Aktionärinnen, sehr geehrte Aktionäre
Das Geschäftsjahr 2023 war für Meyer Burger Technology sehr herausfordernd. Im ersten Halb- jahr bestätigte Meyer Burger seine Position als führender Premium-Solarhersteller, die Produkti- onskapazitäten in Deutschland wurden wie geplant ausgebaut. Im Jahresverlauf wurde aber deutlich, dass es in Europa durch die Dumpingpreise chine- sischer Anbieter bei parallel verlaufendem starkem Anstieg der chinesischen Produktionsüberkapazitä- ten sowie fehlendem Marktschutz zu beispiellosen Verzerrungen im europäischen Solarmarkt kam, mit gravierenden Auswirkungen auf das Ergebnis von Meyer Burger.
Während im ersten Halbjahr noch ein gutes Wachs- tum mit einem Umsatz von CHF 96.9 Millionen resultierte, brachen die Verkäufe im zweiten Halb- jahr auf CHF 38.1 Millionen ein. Insgesamt betrug der Umsatz im Geschäftsjahr 2023 damit CHF 135.0 Millionen. Die Menge der produzierten Solarmodule stieg trotz rückläufigen Verkäufen auf
650 Megawatt an, der Modul-Lagerbestand er- höhte sich deutlich auf rund 365 Megawatt. Das Betriebsergebnis wurde durch die Unterauslastung der Produktionskapazitäten in Deutschland und die Wertminderungen auf Produktionsmaterial und Endprodukte sowie durch Kosten für den Betrieb der Produktionsanlagen in Deutschland und den weiteren Ausbau in den USA im Jahr 2023 belastet. Die produzierten, aber vor allem im zweiten Halb- jahr 2023 unverkäuflichen Solarmodule- und zellen erhöhten den Lagerbestand auf CHF 130.8 Millio- nen. Diese Vorräte mussten aufgrund von buchhal- terischen Auflagen wertberichtigt werden, was zu Wertberichtigungen in Höhe von CHF 51.7 Millio- nen führte. In der Summe führte dies zu einem ne- gativen EBITDA in Höhe von CHF 163.6 Millionen. Ohne diese Wertberichtigungen hätte der negative EBITDA CHF 111.9 Millionen betragen. Das EBIT be- lief sich auf CHF -250.2 Millionen und wurde durch ausserplanmässige Abschreibungen auf das Sach- anlagevermögen und immaterielle Vermögens-
4 | Annual Report 2023 Letter to Shareholders |
Left:
Franz Richter
Chairman
Meyer Burger
Technology AG
Right:
Gunter Erfurt
Chief Executive
Officer
Meyer Burger
Technology AG
downs and the unscheduled depreciation on prop- erty, plant and equipment, and intangible assets). Meyer Burger's restricted and unrestricted cash and cash equivalents amounted to CHF 181.0 million as at 31 December 2023 and CHF 113.3 million as at 29 February 2024.
Focus on US production
In order to proactively respond to the negative market constellations in Europe, which are dependent on political decisions, Meyer Burger took strategic steps back in the summer of 2023 and announced that it would shift its business focus to the USA. As part of this strategic adjustment, it has decided to build its own solar cell factory in Colorado Springs, Colorado, in addition to the module production facility at the plant in Goodyear, Arizona, which was announced back in 2021. The US solar market is highly attractive. The market conditions there allow the solar industry to flourish, benefiting from a stable cost base, fixed offtake agreements and excellent price levels. Government support programs such as the Inflation Reduction Act (IRA) also contribute to the market potential on offer.
As the business climate in Europe continued to de- teriorate, Meyer Burger decided in February 2024 to focus on production and profitable growth in the USA and to start preparations for the closure of its Freiberg site in Germany, which would take effect at the end of April. In the meantime, the Group halted module production at the site in the first half of March, which is expected to result in significant cost savings from April onward. Solar cell production in Thalheim (Bitterfeld-Wolfen), Germany, will continue for the time being to support the ramp-up of module production in the USA. The engineering and R&D sites in Switzerland and Germany are not affected by these measures and will continue to contribute to the business outside Europe with their technological developments.
5 | Annual Report 2023 Letter to Shareholders |
werte in Höhe von CHF 56.8 Millionen infolge ei- nes Impairmenttests durch einen weiteren Sonder- effekt negativ belastet. In Kombination mit einem negativeren Finanzergebnis (CHF 42.6 Millionen) resultierte in der Berichtsperiode deshalb ein Ver- lust von CHF 291.9 Millionen (CHF 183.4 Millionen ohne die Sondereffekte aufgrund der zusätzlichen Wertberichtigungen auf das Vorratsvermögen und die ausserplanmässigen Abschreibungen auf das Sachanlagevermögen und immaterielle Vermö- genswerte). Die flüssigen Mittel von Meyer Burger (mit und ohne Verfügungsbeschränkungen) betru- gen per 31. Dezember 2023 CHF 181.0 Millionen und per 29. Februar 2024 CHF 113.3 Millionen.
Fokus auf US-Produktion
Meyer Burger hat bereits im Sommer 2023 strate- gische Schritte unternommen, proaktiv auf die ne- gativen und von politischen Entscheidungen ab- hängigen Marktkonstellationen in Europa reagiert sowie angekündigt, den Geschäftsschwerpunkt in die USA zu verlegen. Mit dieser Strategieanpas- sung wurde beschlossen, neben der bereits 2021 angekündigten Modulproduktion in den USA im Werk in Goodyear, Arizona auch eine eigene So- larzellenfabrik in Colorado Springs, Colorado auf- zubauen. Denn der US-amerikanische Solarmarkt ist hochattraktiv. Die dortigen Marktbedingungen lassen die Solarindustrie florieren; sie profitiert von einer stabilen Kostenbasis, festen Abnahmeverträ- gen und einem hervorragenden Preisniveau. Staat- liche Förderprogramme wie der Inflation Reduction Act (IRA) tragen zusätzlich zum bestehenden Marktpotenzial bei.
Mit dem sich weiter verschlechternden Geschäfts- klima in Europa beschloss Meyer Burger im Februar 2024, sich auf die Produktion sowie profitables Wachstum in den USA zu konzentrieren und mit den Vorbereitungen für die Schliessung ihres Standorts in Freiberg in Deutschland zu beginnen, die per Ende April in Kraft treten soll. Zwischenzeit- lich hat die Gruppe die Modulproduktion an die- sem Standort in der ersten Märzhälfte eingestellt,
Financing on multiple levels
In order to finance and secure the promising activities in the USA. - namely the completion of the solar cell production in Colorado Springs, Colorado, and the solar module production in Goodyear, Ari- zona, with an annual production capacity of 2 gigawatts each - Meyer Burger is pursuing a multi-layered financing strategy. The implementation of this strategy is expected to close the current funding gap of around CHF 450 million, which has arisen in particular due to the underutilization of production capacities in Germany, the build-up of inventories in connection with the sharp fall in prices for solar modules on the market, combined with (Chinese) overcapacities, and the previously announced costs of the further expansion in the USA.
Firstly, Meyer Burger's Board of Directors is proposing a capital increase of CHF 200 to 250 mil- lion, which will be voted on by shareholders at an Extraordinary General Meeting on 18 March. This capital increase shall enable our shareholders to invest in the attractive US business, where Meyer Burger has a unique offering backed by long-term offtake commitments and strong growth potential.
In parallel, and following a detailed due diligence process, the federal government of Germany has approved an export agency credit guarantee for financing to be provided by a commercial bank with a targeted amount of up to USD 95 million. Funding is expected to be provided in the second quarter of 2024 following the entry into long-form credit documentation and the satisfaction of certain condi- tions. Meyer Burger is also targeting advanced manufacturing production tax credit financing (45X) in the amount of up to USD 300 million, with a term of five to six years, to be provided by a leading global investment bank from the end of the second quarter of 2024, subject to due diligence and entering into the requisite binding agreements. Meyer Burger believes the 45X financing is feasible based on the partial monetization of an estimated USD 1.4 billion in future tax credits.
Finally, we are seeking a USD 200 to 250 million loan from the Federal Financing Bank under the Title 17 Clean Energy Financing Program, guaranteed by the US Department of Energy (DOE).
Following the successful completion of Part I of the DOE process, the Group was formally invited in February 2024 to submit Part II of an application for such a loan. The DOE's invitation to submit a Part II application is not an assurance that it will invite the applicant into the due diligence and term sheet negotiations process, that it will offer a term sheet to the applicant, or that the terms and conditions of any such term sheet will be consistent with the terms proposed by the applicant. These matters are wholly dependent on the results of the DOE's
6 | Annual Report 2023 Letter to Shareholders |
was ab April zu erheblichen Kosteneinsparungen führen soll. Die Solarzellproduktion in Thalheim (Bitterfeld-Wolfen), Deutschland, wird vorerst fort- gesetzt, um den Hochlauf der Modulproduktion in den USA zu unterstützen. Der Maschinenbau und die F&E-Standorte in der Schweiz und in Deutsch- land sind von diesen Massnahmen nicht betroffen und werden mit ihren technologischen Entwicklun- gen weiterhin zum Geschäft ausserhalb Europas beitragen.
Mehrstufige Finanzierung
Um die vielversprechenden Aktivitäten in den USA zu finanzieren und zu sichern - namentlich die Fer- tigstellung der Solarzellenproduktion in Colorado Springs, Colorado und der Solarmodulproduktion in Goodyear, Arizona mit einer jährlichen Produkti- onskapazität von je 2 Gigawatt - verfolgt Meyer Burger eine mehrschichtige Finanzierungsstrategie. Es wird erwartet, dass mit deren Umsetzung die ak- tuelle Finanzierungslücke von rund CHF 450 Milli- onen geschlossen werden kann, die insbesondere durch die Unterauslastung der Produktionskapazi- täten in Deutschland, den Aufbau von Lagerbestän- den in Verbindung mit dem starken Preisverfall für Solarmodule am Markt im Zusammenhang mit den (chinesischen) Überkapazitäten sowie durch die be- reits angekündigten Kosten für den weiteren Aus- bau in den USA entstanden ist.
Einerseits schlägt der Verwaltungsrat von Meyer Burger eine Kapitalerhöhung in Höhe von CHF 200 bis 250 Millionen vor, über welche die Aktionärin- nen und Aktionäre anlässlich einer ausserordentli- chen Generalversammlung vom 18. März abstim- men werden. Mit dieser Kapitalerhöhung können unsere Aktionärinnen und Aktionäre in das attrak- tive US-Geschäft investieren, wo Meyer Burger ein einzigartiges Angebot hat, das durch langfristige Abnahmeverpflichtungen und das Potenzial für starkes Wachstum gestützt wird.
Parallel dazu und nach einer detaillierten Due-Diligence-Prüfung hat die deutsche Bundesregierung eine Exportkreditgarantie für die Finanzierung durch eine Geschäftsbank mit einem Umfang von bis zu USD 95 Millionen genehmigt. Es wird erwartet, dass die Finanzierung nach Abschluss der Kreditdokumentation und der Erfüllung bestimmter Bedingungen im zweiten Quartal 2024 erfolgt. Darüber hinaus strebt Meyer Burger eine weitere Finanzierung basierend auf dem Advanced Manufacturing Production Tax Credit (45X) in Höhe von bis zu USD 300 Millionen mit einer Laufzeit von 5 bis 6 Jahren an, die von einer führenden globalen Investmentbank ab dem Ende des zweiten Quartals 2024 bereitgestellt werden soll, vorbehaltlich der Due-Diligence-Prüfung und des Abschlusses der erforderlichen verbindlichen Vereinbarungen. An- gesichts geschätzter USD 1.4 Milliarden an zukünf- tigen US-Steuergutschriften unter dem Inflation
review and evaluation of the Part II application and the DOE's decision on whether to proceed.
Not all of these measures, if obtained, would have to be fully utilized to close the current funding gap. However, the various options can provide Meyer Burger with a safety net for achieving the desired liquidity. The capital increase is an essential building block, ensuring additional liquidity, to finance Meyer Burgers's future operations.
EBITDA potential of CHF 250 million per year
The long-term prospects for Meyer Burger as the only Western supplier of high-efficiency hetero- junction technology remain attractive; the potential in the USA alone is considerable thanks to existing offtake agreements. Assuming that cell and module production at the US sites can be ramped up as planned, the Group expects to generate an annual EBITDA of around CHF 250 million per year in the medium term from its business in the USA.
This is because Meyer Burger's heterojunction SmartWire technology remains extremely power- ful, our products are characterized by a high energy yield, durability and reliability, and our promising technology roadmap is intact. We are therefore convinced that, under fair market conditions, Meyer Burger is competitive and will achieve sustainable profitability with its US sites. This underlines the attractiveness of the company.
7 | Annual Report 2023 Letter to Shareholders |
Reduction Act geht Meyer Burger davon aus, dass die 45X-Finanzierung in der geplanten Grössen- ordnung realisierbar ist. Schliesslich bemühen wir uns um ein vom US-Energieministerium (DOE) ga- rantiertes Darlehen in Höhe von USD 200 bis 250 Millionen von der Federal Financing Bank im Rah- men des Title 17 Clean Energy Financing Loan Pro- gram. Nach erfolgreichem Abschluss von Teil I des DOE-Verfahrens wurde die Gruppe im Februar 2024 förmlich aufgefordert, Teil II eines Antrags auf ein solches Darlehen einzureichen. Die Auffor- derung des DOE, einen Teil-II-Antrag einzureichen, ist keine Garantie dafür, dass das DOE den Antrag- steller zur Due-Diligence-Prüfung und zu Term- Sheet-Verhandlungen einladen wird, dass das DOE dem Antragsteller ein Term-Sheet anbieten wird o- der dass die Bedingungen eines Term-Sheets mit den vom Antragsteller vorgeschlagenen Bedingun- gen übereinstimmen werden. Die vorgenannten Punkte hängen vollständig von den Ergebnissen der Prüfung und Bewertung eines Teil-II-Antrags durch das DOE und der Entscheidung des DOE über das weitere Vorgehen ab.
Nicht alle dieser verschiedenen Massnahmen müssten bei entsprechenden Zusagen voll ausge- schöpft werden, um die bestehende Finanzierungs- lücke zu schliessen. Die verschiedenen Optionen können Meyer Burger aber ein Sicherheitsnetz bie- ten, um die angestrebte Liquidität zu erreichen. Die Kapitalerhöhung ist ein wesentlicher Baustein zur Sicherstellung zusätzlicher Liquidität, um die zu- künftige Geschäftstätigkeit von Meyer Burger zu fi- nanzieren.
EBITDA-Potenzial von CHF 250 Millionen pro Jahr
Die langfristigen Aussichten für Meyer Burger als einzigen westlichen Anbieter für die hocheffiziente Heterojunction-Technologie sind unverändert at- traktiv. Das Potenzial allein in den USA ist mit be- stehenden Abnahmeverträgen beträchtlich. Unter der Annahme, dass die Zell- und Modulproduktion an den Standorten in den USA wie geplant in Be- trieb genommen werden kann, geht die Gruppe da- von aus, dass sie mittelfristig einen EBITDA von rund CHF 250 Millionen pro Jahr aus ihrem Ge- schäft in den USA generieren können wird.
Denn technologisch ist Meyer Burgers Heterojunc- tion SmartWire-Technologie weiterhin äusserst leistungsstark, unsere Produkte zeichnen sich durch ein hohes Mass an Energieertrag, Langlebigkeit und Zuverlässigkeit aus und unsere vielversprechende Technologie-Roadmap ist intakt. Deshalb sind wir überzeugt, dass Meyer Burger - unter fairen Markt- bedingungen - konkurrenzfähig ist und mit den Standorten in den USA nachhaltig in die Gewinn- zone kommen wird. Das unterstreicht die Attraktivi- tät des Unternehmens.
Outlook
Meyer Burger expects that the proceeds from the potential financing sources, together with those from the rights issue, will enable it to commence module production in Goodyear, Arizona by the end of the second quarter of 2024 and cell production in Colorado Springs, Colorado toward the end of 2024. This would provide the basis for returning to commercial success and creating shareholder value.
In parallel, Meyer Burger is continuing to pursue potential strategic partnerships with companies that could provide funding assistance, support in- dustrialization, and drive revenue through customer access, possible exposure to new geographical areas and/or technology licensing. These potential partnership business models could help drive higher long-term growth and reduce capital inten- sity.
Thanks
We would like to thank all our employees for their commitment and tireless efforts on behalf of Meyer Burger during the past fiscal year. And we would also like to thank you, our valued shareholders, for your continued support.
Dr. Franz Richter
Chairman of the Board of Directors
Ausblick
Meyer Burger geht davon aus, dass die Erlöse aus den potenziellen Finanzierungsquellen es ihr zu- sammen mit den Erlösen aus der Bezugsrechtsemis- sion ermöglichen werden, die Modulfertigung in Goodyear, Arizona bis Ende des zweiten Quartal 2024 und die Zellfertigung in Colorado Springs, Colorado um das Jahresende 2024 in Betrieb zu nehmen. Damit würde die Grundlage geschaffen, um kommerziell auf den Erfolgspfad zurückzukeh- ren und Aktionärswerte zu schaffen.
Parallel dazu verfolgt Meyer Burger weiterhin po- tenzielle strategische Partnerschaften mit Unter- nehmen, die Kapital zur Verfügung stellen, die In- dustrialisierung unterstützen und den Umsatz durch Kundenzugang, mögliche Erschliessung neuer ge- ografischer Gebiete und/oder Technologielizen- zen steigern könnten. Diese potenziellen Partner- schafts-Geschäftsmodelle könnten zu einem höhe- ren langfristigen Wachstum beitragen und die Ka- pitalintensität reduzieren.
Dank
Wir danken allen Mitarbeitenden für ihr Engagement und ihren unermüdlichen Einsatz für Meyer Burger im vergangenen Geschäftsjahr. Und wir möchten auch Ihnen, unseren geschätzten Aktionä- rinnen und Aktionären, für Ihre anhaltende Unter- stützung danken.
Gunter Erfurt
Chief Executive Officer
8 | Annual Report 2023 Letter to Shareholders |
Management Report 2023
Meyer Burger - the Premium Brand
Meyer Burger has established itself as a premium solar module brand, available in 15 world markets. The higher technical performance of its modules dominates the current market standards in term of high quality, reliability, yield, and sustainability, all made in Europe and soon in the USA too.
In 2023, the production capacity in Germany was expanded to 1.4 GW, producing 1 million solar cells and 8,500 modules per day.
With the announcement of the expansion plans in the USA on 24 July 2023, Meyer Burger strengthened its strategic focus on the high-margin business in the USA. The Meyer Burger cell plant in Colo- rado Springs, USA, will supply Meyer Burger's solar module production in Goodyear, Arizona, USA, with an initial capacity of 2 GW.
Meyer Burger continues to commit to sustainable entrepreneurship. In October 2023, the company signed a cooperation agreement with clean tech start-up LuxChemtech for recycling solar modules. Under the agreement, a large proportion of the waste generated in PV production will be recycled and returned to the material cycle.
Meyer Burger launched a collaboration with Otovo, Europe's leading marketplace for solar systems. This partnership brings together Meyer Burger's rich expertise in European-made,high-quality solar modules with Otovo's efficient digital sales process. This synergy allows both companies to leverage their individual strengths to better serve the Euro- pean solar market and provide consumers with a more comprehensive selection.
Sales and Marketing
The 70th Anniversary of Meyer Burger
Seventy years ago, in 1953, Hans Meyer and Willy Burger founded Meyer Burger. Since then, the company has faced both successes and crises, responding with courage and ingenuity. To commemorate this occasion, Meyer Burger asked a well- known German journalist and writer to dig into the
archives of the company and chronicle the milestones in the history of PV. The book also represents a piece of industrial history in Switzerland and Ger- many.
Intersolar Europe 2023 - Sustainability Comes First: the Meyer Burger Booth
At Intersolar Europe 2023, Meyer Burger introduced its latest product innovation: a module portfolio that harnesses the power of the groundbreak- ing glass-glass technology platform. Meyer Burger combines the advantages of heterojunction cell technology with the durability and quality of glass- glass module technology by using optimized glass on the front and back. This results in high module performance, appealing aesthetics, and a consistently light weight.
Meyer Burger`s presentation at Intersolar Europe 2023 was the most sustainable yet. The company showcased a new recyclable circular design of its trade show booth, emphasizing its commitment to environmental, social, and governance (ESG) prin- ciples.
New Partnerships
The company has made further investments in renewable energy production in the USA- In March 2023, Meyer Burger Technology AG and Ingka In- vestments, the investment arm of the largest IKEA retailer Ingka Group, signed an offtake agreement for a period of four years. The agreement with Ingka Investments covers the supply of premium solar modules produced in Goodyear and delivered between 2025 and 2029.
To strengthen the US domestic manufacturing, BayWa r.e. and Meyer Burger signed a procurement partnership. This collaboration underscores their shared commitment to supporting the growth, sustainability, and diversification of the solar supply chain.
Meyer Burger also entered into a strategic partnership with Helion Energy, one of the most innovative
9 Annual Report 2023 Management Report
energy solution companies in Switzerland. To support this, the AMAG Group will use Meyer Burger panels for all its photovoltaic plants, including the CHF 25 million new building currently under construction at its Academy in Lupfig.
Technology and Innovation in Motion
IBC Solar Cell Technology
With the new IBC solar cell technology based on the heterojunction platform, Meyer Burger plans to increase cell efficiency by over 26% on average. To address the rising cost and scarcity of silver, use of this material in cell production will be reduced by 80%, while continuing to avoid rare indium for sustainable solar cells. Prototypes of the machines are running at Meyer Burger R&D sites in Hohenstein- Ernstthal, Germany and in Hauterive, Switzerland.
In terms of longevity, Meyer Burger IBC modules show impressive results even under the most demanding test conditions in climate chambers, with virtually no degradation. Meyer Burger IBC modules have significantly reduced CO₂ emissions thanks to local production. They are free of forced labor, lead, and PFAS plastics.
Switching to M10 Cell Format
The upgrade for handling M10 wafers in addition to M6 wafers has been completed for our R&D line in Hohenstein-Ernstthal, Germany, as well as for the wafer production line in Bitterfeld-Wolfen, Ger- many. With this transition, Meyer Burger is now able to start module production in Goodyear on an M10 cell format basis.
Perovskite Demo Line in Progress
For the development of next-generation,high-performance solar cells and modules, Meyer Burger established a perovskite development team last year. Together with numerous collaborations with renowned research institutes, the company is developing a perovskite tandem technology, which is expected to allow the industrial production of solar cells with efficiencies in excess of 30 % in the fu- ture. After careful screening of materials, cell de- signs, and production strategies, Meyer Burger is now in a position to develop a perovskite demo line.
Expansion of Meyer Burger in the USA
Meyer Burger has announced its expansion plans in the USA. With an initial capacity of 2 GW, the new solar cell production facility in Colorado Springs, Colorado will exclusively supply Meyer Burger's solar module production facility in Goodyear, Ari- zona, USA. Production is scheduled to start in the fourth quarter of 2024.
Meyer Burger's solar cell facility in Colorado will be the first production site fully equipped with the latest PECVD and PVD coating tools. Both machines have an increased throughput. The PECVD tool takes up less floor space than both Meyer Burger's current tool and competing tools. Additionally, the tools can process different wafer sizes without any significant loss of manufacturing performance.
Shipments of equipment and tools for the 2 GW high-performance solar module manufacturing facility in Goodyear, Arizona are underway. At full ca- pacity, the 25,000-square-meter facility is expected to employ 630 people and produce 10,000 solar modules per day, consisting of millions of solar cells.
The long-term upsides for Meyer Burger in North America remain highly attractive as the only Western solution for high-performance heterojunction technology. The potential in the US alone is substantial with offtake agreements in place for 5.4 GW.
Support from the US Government
In line with the Advanced Manufacturing Tax Credit 45X under the US Inflation Reduction Act (IRA) for the manufacturing of solar cells and modules, Meyer Burger intends to leverage a cumulative eligible amount of up to USD 1.4 billion, which can be monetized from the commencement of production in 2024 through to the conclusion of 2032. Fur- thermore, Meyer Burger is set to receive a financial package of USD 90 million from the City of Colo- rado Springs and the State of Colorado. Anticipated additional funding includes pre-payments from module offtake partners and a Department of Energy loan, totaling over USD 300 million.
Financial Overview
The results of the 2023 financial year reflect the difficult market situation, especially in Europe. Net sales fell to CHF 135.0 million (2022: CHF 147.2 million), of which CHF 127.9 million stems from sales in the modules segment (2022: CHF 125.0 million). The photovoltaics segment was internalized with the exception of the completion of outstanding projects and Pasan's measurement technology business. Europe accounted for 81% (79% in 2022) of net sales, while the American market contributed 14% (15% in 2022) and the Asian market 4% (6% in 2022). Due to the market distortions in Europe and the announcecd strategic focus on the US market, the regional sales mix will veer further toward America with the further expansion of the two production sites there.
Personnel costs increased to CHF 94.9 million (2022: CHF 68.0 million) and operating expenses
10 Annual Report 2023 Management Report
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Meyer Burger Technology AG published this content on 14 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 March 2024 06:58:02 UTC.
