Latest news with #MeyerBurger
Yahoo
4 days ago
- Business
- Yahoo
Preemptive shutdown of major US facility sparks outrage: 'It won't be much longer before more companies follow'
Preemptive shutdown of major US facility sparks outrage: 'It won't be much longer before more companies follow' A major solar manufacturer has shut down its U.S. facility before production fully took off — a move that has sparked backlash and renewed concern over the country's ability to support clean energy jobs. What's happening? As Electrek detailed, Swiss solar company Meyer Burger closed its Arizona factory in May and laid off 282 employees after stating it couldn't secure the funding necessary to continue operating. The Goodyear facility was supposed to produce 1.4 gigawatts of solar panels annually — enough to power hundreds of thousands of homes — but the company never reached full production. Meyer Burger blamed a severe lack of funds, worsened by a canceled 5-gigawatt supply agreement with cleaner energy investor D.E. Shaw, and fierce competition from Chinese imports. On June 27 — just weeks after the shutdown — Meyer Burger's U.S. branch filed for Chapter 11 bankruptcy, following insolvency proceedings for its parent company in Germany. Reactions have been intense — and not just from workers. One commenter on Electrek summed up a growing concern: "It won't be much longer before more companies follow. Future investment in the U.S. by foreign companies? Notta." Why is this facility shutdown concerning? This shutdown is a blow not just to workers in Arizona but to a broader push for clean energy in the U.S. The Goodyear factory was part of an effort to shift solar production away from heavily subsidized Chinese supply chains and create sustainable American jobs in the process. However, a lack of clear, timely support left Meyer Burger stranded — and it highlights a deeper issue facing the U.S. clean energy sector. Following the passing of the Big Beautiful Bill, many clean energy incentives from the Inflation Reduction Act are set to be phased out. The removal of these benefits could have a disastrous impact on green-energy companies. When clean energy projects like this fall through, the ripple effects extend beyond job losses. Delays in scaling up domestic solar production slow the country's ability to cut climate pollution. That means we remain reliant on dirty fuels longer, and the window to meet emissions targets gets narrower. Should the government provide incentives to buy EVs? Absolutely Depends on the incentives Depends on if it's federal or states Absolutely not Click your choice to see results and speak your mind. What's being done about it? Lawmakers and industry leaders need clearer guidance about the availability of clean energy tax credits and what they can do after they are removed. Meanwhile, manufacturers must urge federal agencies to prioritize funding for solar producers that are competing with cheaper overseas imports. As individuals, we can support solar by choosing clean power providers, voting for leaders who prioritize renewable energy, and staying informed about corporate accountability. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet. Solve the daily Crossword
Reuters
25-06-2025
- Business
- Reuters
Swiss solar panel maker Meyer Burger files for US Chapter 11 bankruptcy relief
ZURICH, June 25 (Reuters) - Swiss company Meyer Burger (MBTN.S), opens new tab has filed for voluntary Chapter 11 bankruptcy relief in the United States, the solar panel manufacturer said in a court filing on Wednesday. Meyer Burger's operations in both Europe and the United States have struggled to compete with cheaper products imported from Asia, piling pressure on the company. Late last month the firm announced it was shutting down its U.S. factory in Arizona due to financial difficulties, and soon afterwards filed for insolvency for its German subsidiaries. In its U.S. court filing, Meyer Burger listed it had estimated assets worth between $100 million and $500 million and liabilities worth between $500 million and $1 billion.
Yahoo
02-06-2025
- Business
- Yahoo
Solar panel maker Meyer Burger's German subsidiaries file for insolvency
Swiss solar panel manufacturer Meyer Burger Technology has announced that its German subsidiaries, Meyer Burger (Industries) and Meyer Burger (Germany), have commenced insolvency proceedings. The move comes amidst unsuccessful restructuring efforts to maintain operations at the facilities located in the cities of Bitterfeld-Wolfen and Hohenstein-Ernstthal. The Bitterfeld-Wolfen facility in Saxony-Anhalt employs 331 people in solar cell production. The Hohenstein-Ernstthal in Saxony employs 289 people in mechanical engineering and technology development. Efforts to keep the German facilities operational will continue as part of the insolvency proceedings, in collaboration with a provisional insolvency administrator to be appointed by the court. This development follows a request by the company, based in Thun, Switzerland, for an extension to present its financial results for 2024, against the backdrop of ongoing financing talks aimed at restructuring. Subsidiaries in Switzerland and the US will be retained. Meyer Burger (Switzerland), with 60 employees, will continue its activities, while Meyer Burger (Americas) will exist as a company although it laid off all 282 employees on 29 May 2025 and halted production at its Goodyear, Arizona facility. Solar module production at the Goodyear facility was halted due to funding issues and raw material shortages. The closure of US production, which had an annual capacity of 1.4GW, casts uncertainty on the future of the site. Meyer Burger is still in discussions with an ad hoc group of bondholders regarding the restructuring. This impacts two convertible bonds issued by MBT Systems, guaranteed by Meyer Burger Technology and due in 2027 and 2029. In 2024, Meyer Burger decided to close its solar module production in Freiberg, Germany, from March 2024 in a bid to avoid more losses in Europe. "Solar panel maker Meyer Burger's German subsidiaries file for insolvency" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
31-05-2025
- Business
- Yahoo
German subsidiaries of Swiss solar firm Meyer Burger seek insolvency
After years of financial difficulties and, most recently, short-time working, the German subsidiaries of Swiss solar manufacturer Meyer Burger, with a total of around 600 employees, have filed for insolvency. Meyer Burger Industries in Bitterfeld-Wolfen in Saxony-Anhalt employs 331 people in solar cell production. Meyer Burger Germany in Hohenstein-Ernstthal in Saxony currently employs 289 people in mechanical engineering and technology development. Restructuring efforts to keep the sites open have so far been unsuccessful, according to the company based in Thun, Switzerland. "They will now be continued as part of the proceedings together with a provisional insolvency administrator to be appointed by the court," it said in a statement issued on Saturday. The company should have presented its financial results for 2024 by Saturday. Against the backdrop of ongoing financing talks for restructuring, the company has requested an extension. The company's subsidiaries in Switzerland and the United States are to be retained. Just a few days ago, solar module production in the US state of Arizona, which was still in the start-up phase, was discontinued. Production there aimed to use solar cells manufactured in Germany.
Bloomberg
31-05-2025
- Business
- Bloomberg
Meyer Burger to Delay Results as Two Units File for Insolvency
Struggling solar-module manufacturer Meyer Burger Technology AG requested an extension of the deadline to present its 2024 financial results after its German units filed for insolvency proceedings. Efforts to keep the sites open during restructuring negotiations were unsuccessful, the Switzerland-listed company said in a statement on Saturday.
