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illuminem summarizes for you the essential news of the day. Read the full piece on Euractiv or enjoy below:
🗞️ Driving the news: German solar panel manufacturer Meyer Burger has reversed its decision to move production to the United States, opting instead to keep its existing factory in Germany operational
• Initially, the company planned to shut down its German facility and open a new plant in Colorado Springs, USA, but those plans have now been abandoned
• The decision was attributed to economic considerations, despite not receiving the government subsidies it had sought in Germany
🔭 The context: Meyer Burger's factory in Germany has a production capacity of 650 MW per year and will now remain the core supplier for the company’s solar cell needs
• This shift comes amid broader discussions in Germany about the need for subsidies to support the domestic solar industry
• Earlier this year, attempts to implement a subsidy scheme were blocked by the Free Democratic Party (FDP), which opposed government intervention in the market
🌍 Why it matters for the planet: Keeping the solar panel production in Germany supports the local renewable energy industry and helps maintain the country’s leadership in green technologies
• Domestic production of solar panels also reduces dependency on imports and aligns with broader European goals to enhance energy security and transition to sustainable energy sources
⏭️ What's next: Meyer Burger's decision may reignite discussions in Germany regarding the implementation of subsidy schemes for domestic solar panel production
• Meanwhile, the company plans to scale back its reliance on U.S. tax credits under the Inflation Reduction Act as it limits its expansion into the U.S. market
💬 One quote: “Good news for Germany as a business location,” remarked Sascha Müller-Krämer, director of Environmental Action Germany, advocating for more support for the domestic photovoltaics industry
📈 One stat: Meyer Burger’s stock dropped 47% following the announcement to halt the U.S. factory plans
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