Meyer Burger had a busy end to 2016, mainly due to a significant recapitalization program that the company undertook, which has seemingly been a success. The start of 2017 sees the company get back down to the crux of its business, with contracts for CHF 20 million (USD 19.6 million) of its solar manufacturing technology.
The two orders have come from two of the company’s existing Asian customers, for the delivery and installation of the MAiA 2.1 technology platform with the cell technology MB PERC upgrade. This upgrade should enable the customers to significantly increase the efficiency of the cells they produce, with delivery and commissioning of the equipment scheduled for Q2 of 2017.
The Swiss company is currently undergoing a significant recapitalization. At the end of last year, it set out plans for an ordinary capital increase, with the goal of accumulating CHF 164.5 million in capital, from the issuance of 456,851,800 new registered shares. The recapitalization proceeding also include the extension of the company’s existing bank credit, which has been agreed in principle.
This capital increase has been going well, and, as of December 2016, 99.9% of the new shares had been purchased. With this influx of capital, the company will be able to reorganize its bond payments, while it also plans to change conditions of another significant bond that is due in 2020.