German solar technology firm Meyer Burger Technology AG (SWX:MBTN) confirmed it has secured the CHF 165 million (USD 177.7m/EUR 153.6m) it needs for the first steps in its transformation into a producer of photovoltaic (PV) cells and modules.
The company sold new stock at a price of CHF 0.09 per share.
About CHF 115 million of the gross proceeds come from a capital hike, in which 98.9% of the subscription rights have been exercised. Nearly 1.3 billion new registered shares will be issued as a result of the rights issue.
The remaining CHF 50 million of the proceeds come from Private Investment in Public Equity (PIPE) investors which committed, prior to the capital increase, to subscribe for roughly 30% of the new shares offered.
Meyer Burger wants to turn into a PV module producer from manufacturing equipment supplier. In the first half of 2021, the PV technology firm aims to reach a production capacity of 400 MW for cells and for modules, while it has plans to expand that up to 5 GW in the future. The initial focus of the company will be the rooftop solar segment.
Meyer Burger has already received from potential customers in Europe and the US letters of intent to purchase more than 2 GW per year, it noted in the press release today.
(CHF 1 = USD 1.08/EUR 0.93)
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