Meyer Burger achieves significant revenue increase and reduces losses in 2022

Swiss cell and module manufacturer Meyer Burger Technology AG has achieved net sales of CHF 147.2 million ($ 160.7 million) in 2022, 269 percent more than in the previous year (CHF 39.9 million). CHF 125 million of this came from the sale of solar modules with a total output of 250 megawatts, which corresponds to a very high price of around $ 0.55 per watt.
Earnings before interest, taxes, depreciation and amortization (EBITDA) were minus CHF 34.6 million ($ 37.8 million), less than half the loss in 2021 (CHF -72.5 million). The net result was also significantly better at CHF -69.9 million (2021: CHF -100.5 million).
Meyer Bruger has significantly expanded its annual production capacity in 2022. Module production in Goodyear (USA) has reached a capacity of 1.6 gigawatts (GW), which is currently manifestly underutilized: The company wants to increase it by around 25 percent to two GW just »by optimizing production on the basis of the experience gained to date.« This would require »significant investments« only for the capacity expansion of solar cell production in Freiberg (Germany). The financing of the investments is already largely covered by upfront payments under offtake agreements with two customers, the corresponding module volumes are to be sold from 2025.
In Europe, where Meyer Burger operates a module production facility in Thalheim (Germany) in addition to its cell production facility in Freiberg, the company aims to reach an annual capacity of 1.4 GW in the course of this year. This would make a total of 3.4 GW available. A decision on the application for EU funding submitted this month is expected in the summer: Meyer Burger wants to draw down funds »in the three-digit million range« from the EU Innovation Fund to build up »cell and module production capacities on a gigawatt scale in several European countries.« At the same time, the company points to the positive development of its business in the U.S. »not least due to the currently more favorable industrial policy support for the solar industry, compared to Europe, with the Inflation Reduction Act (IRA).«
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