Solarworld Brand Revived as Meyer Burger Insolvency Rocks Industry
Solar industry veteran Frank Asbeck has reacquired the Solarworld brand after Meyer Burger's insolvency. The Swiss company's German solar cell production arm, Meyer Burger Germany, declared mass insolvency in August, affecting its subsidiaries and leading to job losses.
Meyer Burger's struggles began in 2024 when it closed its module production in Freiberg. Later this year, it ceased operations in the USA. In May, the company applied for insolvency proceedings for its German subsidiaries. The parent company, Meyer Burger Technology AG, and its Swiss subsidiaries are now also affected.
The company cited failed investor searches as the reason for the insolvency. Despite this, Meyer Burger aims to sell parts of its group or assets in Switzerland, Germany, and the USA. A contract for inheritance is being sought to avoid paying a 'liquidation dividend' to shareholders. Meanwhile, almost all employees at German locations and around 300 in the USA have been dismissed, leaving only liquidation teams.
The insolvency of Meyer Burger marks a significant shift in the solar industry. Asbeck's repurchase of the Solarworld brand signals a potential new beginning. However, the fate of the remaining Meyer Burger group and its employees hangs in the balance as the company seeks to sell its assets and avoid liquidation.
