Meyer Burger and Ingka Investments sign offtake agreement for four years

Media release

Thun, Switzerland May 3, 2023

Meyer Burger and Ingka Investments sign offtake agreement for four years

Meyer Burger Technology AG and Ingka Investments, the investment arm of the largest IKEA retailer Ingka Group, have signed an offtake agreement for a period of four years. The agreement is one of the two, which were announced on March 23, 2023, regarding the increase of the annual capacity of the module production in Goodyear (Arizona, U.S.) from approx. 1.6 gigawatt to approx. 2 gigawatt. The agreement with Ingka Investments covers the supply of premium solar modules produced in Goodyear and delivered between 2025 and 2029.

The solar modules will be manufactured on Meyer Burger's new glass-to-glass product platform and are electrically and size optimized for utility-scale applications. As Meyer Burger's other products, they feature exceptionally low degradation and a bifaciality of over 90 percent.

This agreement is an excellent start, both for our ambitions to invest further in Renewable Energy production in the U.S. and for our partnership with Meyer Burger, a company with high ESG standards and a shared commitment to make significant contributions to decarbonization and the 1.5 degree target of the Paris Climate Agreement, says Frederik de Jong, Head of Renewable Energy at Ingka Investments.

We are very pleased to cooperate with Ingka Investments, who will support us in the rapid ramp-up of our production in the US through this offtake agreement, says Daniel Menzel, COO of Meyer Burger. Ingka Investments will make a substantial annual down payment to enable Meyer Burger to procure and finance equipment, materials and raw materials for solar module production. The parties have agreed not to disclose further details of the contract for the time being.

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About Meyer Burger Technology AG

www.meyerburger.com

Meyer Burger has started production of high-performance solar cells and solar modules in 2021. Its proprietary heterojunction/SmartWire technology enables the company to set new industry standards in terms of energy yield. With solar cells and modules developed in Switzerland and manufactured in Germany according to high sustainability standards, Meyer Burger aims to become a leading European photovoltaic company. The company currently employs around 1200 people at research facilities in Switzerland, development and manufacturing sites in Germany and sales offices in Europe, the United States, Asia and Australia.

Meyer Burger was founded in 1953 in Switzerland. As a provider of production systems, the company has shaped the development of the global photovoltaic industry along the entire value chain in recent decades and has set essential industry standards. A large part of the solar modules produced worldwide today are based on technologies developed by Meyer Burger.

The registered shares of Meyer Burger Technology AG are listed on the SIX Swiss Exchange (ticker: MBTN).

About Ingka Investments

With IKEA retail operations in 31 markets, Ingka Group is the largest IKEA retailer and represents about 90% of IKEA retail sales. It is a strategic partner to develop and innovate the IKEA business and help define common IKEA strategies. Ingka Group owns and operates IKEA sales channels under franchise agreements with Inter IKEA Systems B.V. It has three business areas: IKEA Retail, Ingka Investments and Ingka Centres. Read more on ingka.com.