US developer D. E. Shaw Renewable Investments (DESRI) has terminated its module supply agreement with Swiss heterojunction cell and module manufacturer Meyer Burger.
Both companies signed a long-term supply agreement for up to 5GW of modules back in 2022. Delivery of the modules was slated for between 2024 and 2029 with a binding agreement to supply at least 3.75GW of modules, from its Goodyear, Arizona module assembly plant.
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In a statement published today (15 November) Meyer Burger said it is currently analysing the letter – notice of termination – and situation from its largest customer.
“The company currently expects that irrespective of the validity of such termination, this is likely to adversely affect its financial restructuring efforts, which are highly advanced,” said the company.
The financial restructuring efforts the company refers to was announced last September, when Meyer Burger announced around 200 job cuts by the end of 2025. At that same time, Gunter Erfurt, stepped down as CEO of the company, while Markus Nikles did the same as chief financial officer. Soon after the company appointed Franz Richter as its new CEO, who was already on Meyer Burger’s board of directors.
“Assuming that such financial restructuring fails, the company may no longer be in a position to maintain its going concern. The company will provide further information in due course,” added Meyer Burger.
In its latest financial results for the first half of 2024 – which were delayed until the end of October – the Swiss manufacturer registered net losses of CHF65 million (US$73.2 million). This is a fivefold increase from the same period in 2023.
