A New Approach to European Manufacturing Compared to Biden’s IRA

The Shift to the US

Swiss solar-panel manufacturer Meyer Burger Technology AG is embarking on a new chapter by raising $220.5 million to relocate its operations to the US. This move comes after the closure of its German factory, a strategic decision driven by intense competition from Chinese counterparts that has plagued European solar companies.

Competitive Disadvantages in Europe

The European solar industry has faced significant challenges, leading to job cuts and business closures. Meyer Burger identified Europe’s “massive competitive disadvantages” and deemed the US as the most promising avenue for its future growth and sustainability.

Attraction of the American Dream

The allure of the American dream has historically enticed European manufacturers grappling with high energy costs and economic uncertainties. With access to cheaper electricity and supportive government policies, the US presents a lucrative opportunity for Meyer Burger to thrive.

Incentives and Growth Prospects

The US offers a favorable business environment, including tax credits and trade protections, that are conducive to Meyer Burger’s expansion plans. Analysts predict a potential sevenfold increase in sales by 2026, signaling a promising outlook for the company’s future in the American market.

Read More of this Story at www.bloomberg.com – 2024-03-29 05:00:00

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