It’s the end of an era for Swiss solar-panel maker Meyer Burger Technology AG, whose shareholders last week backed a $220.5 million fundraising to help shift operations to the US after shutting its factory in Germany. Even as solar adoption booms in Europe, domestic manufacturers have been crushed by cheap Chinese competition and forced to cut jobs or simply go bust. In Meyer Burger’s view, the only viable alternative to Europe’s “massive competitive disadvantages” was a fresh start across the pond.

This isn’t the first time the industrial-policy version of the American dream has attracted European factories, which have suffered through a wartime surge in energy prices, followed by the fastest interest-rate hiking cycle in the euro’s history. The US has cheaper electricity, isn’t afraid of slapping trade barriers on Chinese imports — including a crackdown on solar panels made with forced labor that added to a European glut — and has many carrots to offer via the Inflation Reduction Act’s (IRA) generous incentives. Meyer Burger has flagged $1.4 billion of tax credits it might get; if all goes to plan, it could see sales rise sevenfold by 2026, Bloomberg Intelligence analyst Alessio Mastrandrea says.

QOSHE - The American Dream Is an Easy Sell for German Factories - Lionel Laurent
menu_open
Columnists Actual . Favourites . Archive
We use cookies to provide some features and experiences in QOSHE

More information  .  Close
Aa Aa Aa
- A +

The American Dream Is an Easy Sell for German Factories

6 1
29.03.2024

It’s the end of an era for Swiss solar-panel maker Meyer Burger Technology AG, whose shareholders last week backed a $220.5 million fundraising to help shift operations to the US after shutting its factory in Germany. Even as solar adoption booms in Europe, domestic manufacturers have been crushed by........

© Bloomberg


Get it on Google Play