Meyer Burger Technology AG produced 302 MW of its heterojunction solar modules in Freiberg, Germany, during the first half of this year, surpassing its output for all of 2022. The company reported a 71% year-on-year jump in sales to $171.4 million (CHF 96.9 million). It said that it remains financially strong and is capable of proceeding with its production expansion plans.
However, the Swiss company is now shifting its strategic focus from Europe to the U.S. market. This transition became evident in July, when its announced plans to establish a 2 GW cell production facility in the U.S., alongside an existing module plant.
By combining U.S. module and cell manufacturing, Meyer Burger will benefit from the Advanced Manufacturing Tax Credit 45X system, a component of the U.S. Inflation Reduction Act (IRA). This initiative could potentially provide up to $2.48 billion in cumulative funding from mid-2024 to the end of 2032.
Meyer Burger is capitalising on the favourable financial conditions in the U.S. market, but it is also actively tackling current market obstacles in Europe. The European market has experienced the entry of Chinese PV manufacturers, introducing 85 GW of solar modules in the first half of this year, frequently at prices below manufacturing costs.
This influx has significantly influenced market dynamics. During the first quarter, Meyer Burger effectively sustained its selling prices at almost consistent levels. However, in the second quarter, the company made price adjustments downwards in reaction to the broader decrease in solar module prices.
Global demand for solar modules is rising, including in Europe, but market conditions are not ideal, according to Meyer Burger.
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