Apricum supported the Swiss solar PV production equipment maker Meyer Burger as strategic advisor in its change of business model and supported the company’s CHF 165 million capital raise.
Meyer Burger aims to transform itself from a supplier of production equipment for solar PV to a technologically leading manufacturer of PV cells and modules. By transforming its business model, the company significantly expands along the value chain with the goal of achieving sustainable profits. The company expects to benefit from the technology and cost leadership of its patented heterojunction/SmartWire technology.
Meyer Burger, listed on the Zurich stock exchange, issued new shares with gross proceeds totaling approximately CHF 165 million. The capital raise was structured as a rights issue to existing shareholders, of which 98.9% were exercised, and a private placement of new shares (PIPE). The new shares started trading on July 29, 2020.
The capital raise provides the basis for executing the strategy to implement the transformation from equipment supplier to a vertically integrated PV cell and module manufacturer. Meyer Burger announced on July 9, 2020 that it has selected the factory of former solar cell manufacturer Sovello in Bitterfeld-Wolfen (Saxony-Anhalt, Germany) and a production facility of the former SolarWorld Group in Freiberg (Saxony, Germany) for the establishment of its production facilities. The capacities for the start of production in 2021 will be 400 MW per year in solar cell and module production. Further expansion is planned up to 5 GW annual capacity.
The Apricum team included Dr. Moritz Borgmann, Nikolai Dobrott, Sebastian Schierenbeck, Robin Friedrich von Hammerstein, Dr. Oliver Schmidt, Hoora Sarajan, Jesselyn Malimata and Giovanni Sturiale.
ACXIT Capital Partners acted as financial advisor to Meyer Burger on the transaction. Credit Suisse acted as global coordinator and as joint lead manager. Zürcher Kantonalbank acted as joint lead manager. Homburger acted as legal counsel to Meyer Burger.
