REC Silicon – Entered USD 40 million Loan Agreement

Moses Lake, Washington USA – September 15, 2023: REC Silicon ASA (REC Silicon) through its subsidiary REC Silicon Inc, has entered into a loan agreement for a USD 40 million term loan from Nonghyup Bank, New York Branch, for the purpose of supporting the restart capital needs of the company.

The term loan is the final piece of the overall financing plan for the company’s ongoing restart of the Moses Lake FBR facility. As with the other recent debt financings, the term loan is fully guaranteed by REC Silicon’s largest shareholder Hanwha Solutions, contributing to favorable terms.

“We are pleased to complete the company’s restart financing plan with the close of this term loan. As we have expressed previously, we also appreciate the support from our largest shareholder. Now that the financing plan is behind us, the Company will continue to devote its full attention to completing the restart of the Moses Lake high-purity granular polysilicon facility that is significantly more efficient from an energy perspective than our competitors’ technologies and is clean, green, and fully traceable. All such restart activities are progressing well and are on schedule and within budget.” says Kurt Levens, CEO of REC Silicon.

As a leading producer of Silicon Gases and High Purity Polysilicon, REC Silicon is well positioned to capitalize on the global megatrends of digitalization, energy transition and energy storage and provide crucial material inputs to the IRA, Chips, and Infrastructure Acts. The company has developed a strong market position in the Semiconductor industry based on its operations in Butte. The re-opening of the Moses Lake operations will enable REC Silicon to provide High Purity Polysilicon to an emerging US solar value chain and together with the Butte operation potentially supply Silane gas for anode material to a fast-growing battery industry.