SolarWorld Americas Inc., the largest U.S. crystalline-silicon solar manufacturer for more than 42 years, today announced that it expects a double-digit-million-dollar infusion of cash to enable the company to stabilize and optimize operations through 2017 and beyond. Lenders of SolarWorld have agreed immediately to forward $6 million in cash to the U.S. company, said Juergen Stein, president of SolarWorld Americas. Stein said the lenders also will permit SolarWorld to sell assets not required for operations and put the proceeds to use in funding operations. In the near term, the company expects such a sale to result in a total, combined cash infusion in the double-digit-million-dollar range, Stein said.
“This financial reinforcement is good for our customers and suppliers alike,” Stein said. “It means quite simply that we can reassure our business partners that we will remain a reliable force not only in supplying leading solar technology but also in continuing to fight for fair trade in the U.S. market and improving market conditions there.”
SolarWorld Americas’ parent company, SolarWorld AG, and several sibling subsidiaries are operating under insolvency proceedings in Europe. However, SolarWorld Americas continues to operate outside any similar proceedings. Meantime, the company is co-petitioner in a Section 201 trade case that seeks relief for the pioneering U.S. solar manufacturing industry from a deluge of imports that has heavily distorted the industry’s market.
“We are re-investing in our business to continue serving our loyal customers, as always,” Stein said. “With that, we will continue to fight for the U.S. solar industry’s future, just as we have done through the industry’s ups and downs over these four past decades.”
About SolarWorld REAL VALUE: SolarWorld Americas Inc., the largest U.S. crystalline-silicon solar manufacturer for more than 42 years, produces and sells high-tech solar power solutions and, in doing so, contributes to a cleaner energy supply throughout the Americas. The company maintains 430 megawatts of annual capacity to produce solar cells and 550 MW of capacity to manufacture solar modules. The company’s brand stands for a proven track record of quality and reliability, and SolarWorld is the only producer whose industrial lineage has outlived its products’ 25- and 30-year performance guarantees. SolarWorld upholds high social standards and commits itself to resource- and energy-efficient production. With its program Solar2World, the company supports the expansion of solar power in developing countries in Latin America.