After submitting comparable bankruptcy documents in Europe earlier this month, Meyer Burger has filed for Chapter 11 chapter safety in the USA. The corporate estimates its belongings between $100 million and $500 million, and its liabilities between $500 million and $1 billion.
Meyer Burger lists its largest creditor with unsecured claims as U.S. Customs and Border Safety, with $5.1 million in unpaid import duties.
The Swiss firm operated a photo voltaic panel meeting plant in Phoenix however laid off the entire workforce in late May. Meyer Burger additionally held a cell manufacturing facility and R&D workplace in Germany, however these websites have additionally closed.
Meyer Burger began within the photo voltaic trade as a producing tools developer for heterojunction technology (HJT) photo voltaic panels. Its “SmartWire” designs had been licensed by different manufacturing names, together with REC. In 2020, the corporate ventured into direct photo voltaic cell and panel manufacturing and gross sales, first opening manufacturing amenities in Germany earlier than trying on the U.S. market. Meyer Burger’s 1.5-GW photo voltaic panel manufacturing unit in Goodyear, Arizona, opened in 2024 and was the one HJT producer in the USA.
What helped get Meyer Burger’s U.S. manufacturing unit off the bottom was a 5-GW supply agreement with large-scale developer D. E. Shaw Renewable Investments (DESRI). DESRI terminated its provide settlement in November 2024, and Meyer Burger was in a monetary scramble ever since.
