Colorado Springs won’t be the site after all of a solar panel manufacturing plant by the Swiss firm, Meyer Burger.
The decision was made after shares in the company plunged more than 50% this week, forciming Meyer Burger to delay financial results and draw up a restructuring plant.
“Meyer Burger Technology AG announced today that the planned construction of a solar cell production facility in Colorado Springs, Colorado, USA, is no longer financially viable for the company due to recent developments and that the project will therefore be discontinued,” the company said in a statement on Monday.
Reuters reported that Meyer Burger’s shares dropped more than 55% after opening. The company shares have already lost more than 90% this year because of financing problems for the firm.