By .(JavaScript must be enabled to view this email address) - 23 July 2012, 13:17
In News, PV Modules, Finance

SolarWorld’s founder waives salary until return to profitability

Frank Asbeck, founder and CEO of SolarWorld is waiving his salary, around €500,000 last year until the company returns to profitability.

Financials

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5:36PM GMT+2

Frank Asbeck, founder and CEO of SolarWorld is waiving his salary, around €500,000 last year until the company returns to profitability. Asbeck will also forgo dividends during the same period, though the company didn’t say when it would return to profitability or on what basis profitability status would be judged.

The company also said that it had renegotiated loan agreements amounting to €375 million with its lenders as the company came close to not meeting its financial covenants during the second quarter.

“SolarWorld has strengthened financial stability for the company by means of these agreements,” noted Philipp Koecke, CFO of SolarWorld. “At the end of the second quarter, we had liquid funds worth €320 million at our disposal. In addition, we have paid off over €130 million of our loans.”

Publications

Photovoltaics International 19th Edition

For manufacturers who had their heads in the bunker during 2012, fighting falling ASPs and eroding margins, the nineteenth edition brings you details of what lies in store for this coming year. Wright Williams & Kelly return in this issue with their popular analysis of payback on technology buys; crucially they analyze n-type wafers, Al2O3 passivation and copper metallization. SERIS shows us how to achieve 18.7% efficiencies using low-cost etching techniques on diffused wafers. We also have two important technology roundups: CIGS from Helmholtz Berlin, and PV module encapsulation techniques from Fraunhofer ISE.

Manufacturing The Solar Future: The 2013 Production Annual

In the ever-changing global solar markets, cost reduction and measures to increase cell efficiencies are the key tools available to PV manufacturers to create new opportunities and drive your business to the next level. Manufacturing the Solar Future 2013 is the third in the Photovoltaics International PV Production Annual series, delivering the next instalment of in-depth technical manufacturing information on PV production processes designed to help you gain the competitive edge.

SolarWorld’s founder waives salary until return to profitability

Financials

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Acknowledgements

Solar Media