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Meyer Burger to acquire up to 18.8% stake in Oxford Photovoltaics

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Meyer Burger to acquire up to 18.8% stake in Oxford Photovoltaics

Meyer Burger Technology AG has reached an agreement to acquire a stake of up to 18.8% in Oxford Photovoltaics Ltd. by issuing up to 62.29 million new Meyer Burger registered shares from the company's existing authorized capital.

As part of the deal, the companies signed an exclusive cooperation agreement under which Meyer Burger will combine its "Heterojunction" and "SmartWire Connection" technology with Oxford Photovoltaics' perovskite solar cell technology, according to a March 21 news release.

Meyer Burger said it will sell a 200-MW Heterojunction line for the pilot production of tandem cells, which is expected to ramp up by the end of 2020 in Oxford Photovoltaics' Brandenburg an der Havel facility.

Under the terms of the joint development agreement, Meyer Burger has the option to increase its interest in Oxford Photovoltaics at the same valuation price to 31.6% of capital and 24.0% of voting rights.

Meyer Burger will also receive special corporate governance rights and CEO Hans Brändle will join Oxford Photovoltaics' board.

On the earnings front, Thun, Switzerland-based Meyer Burger posted full-year 2018 EBITDA of CHF26.1 million, compared with CHF12.4 million, in the previous year.

Meyer Burger booked a net loss of CHF59.4 million for fiscal-year 2018, compared to a net loss of CHF79.3 million in 2017. Net sales for the year were CHF407.0 million, compared to CHF473.3 million in 2017.

Full-year operating income, after costs of products and services, totaled CHF200.8 million in 2018, compared with CHF194.8 million in 2017. The company reported a loss in cash flow from operating activities for the year of CHF23.4 million, down from CHF12.8 million in 2017.

Additionally, Meyer Burger COO Daniel Lippuner will leave the company's executive board by the end of June, reducing the board's size to four.