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SolarWorld Americas expects infusion of cash to lift up US operations

SolarWorld Americas Inc., a US crystalline-silicon solar manufacturer says in a press release that it expects a double-digit-million-dollar infusion of cash to enable the company to stabilise and optimise operations through 2017 and beyond.
Lenders of SolarWorld have agreed immediately to forward USD 6 million in cash to the US company. According to the press release 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.

“This financial reinforcement is good for our customers and suppliers alike,” Juergen Stein, president of SolarWorld Americas 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.

“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.”

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August 13 2017 4:10 PM V8.5.9-2