“With this latest cash infusion, our creditors are demonstrating their confidence in our company and its outlook for growth,” said Juergen Stein, CEO and President of SolarWorld Americas. “We are continuing to serve our customers, as we have done for decades. They should read this update as yet another signal of our stable financial footing.”
HILLSBORO, Ore., Feb. 28, 2018 - Today, SolarWorld Americas Inc., the largest U.S. maker of crystalline-silicon solar cells and panels for 42 years, announced that its creditors have agreed to lend an additional $5 million for operations as the company builds back toward full capacity utilization and profitability.
"With this latest cash infusion, our creditors are demonstrating their confidence in our company and its outlook for growth," said Juergen Stein, CEO and President of SolarWorld Americas. "We are continuing to serve our customers, as we have done for decades. They should read this update as yet another signal of our stable financial footing."
The lenders previously extended a loan of $6 million, and they permitted $6 million in proceeds from the sale of a warehouse building to be used for operations. The latest sum will help the company to ramp to full capacity, adding about 200 employees and concluding in the third quarter of 2018. The company now employs more than 300.
The company's outlook is further buoyed by the recent favorable outcome of the Section 201 trade case brought by the company and Suniva Inc. President Trump imposed tariffs, starting the first year at 30 percent, on imports of solar modules and, except for the first 2.5 gigawatts each year, of solar cells from most countries.
The market has responded well to the tariffs, Stein said, and customers continue to show strong interest in the company's high-quality, U.S.-made products.
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. Connect with SolarWorld on Facebook, Twitter, LinkedIn, Instagram and www.solarworld.com.