REC Silicon – Update of Restart and Offtake Activities in Moses Lake

Moses Lake, Washington USA January 14, 2023. REC Silicon ASA (the “Company”) desires to provide an update on its restart activities for its FBR polysilicon production facility located in Moses Lake, Washington.

Restart activities are progressing well and according to schedule generally despite the ongoing challenges experienced globally from supply chain disruptions and other impacts such as inflationary pressures.

The Company is pleased with the recent announcement that Qcells will invest more than USD 2.5 billion to build a complete solar supply chain in the United States. Qcells is a subsidiary company of Hanwha Solutions which controls, together with its affiliate Hanwha Corporation, 33.3% of the shares in REC Silicon ASA.

As previously disclosed, REC Silicon has been in negotiations with Hanwha Solutions towards reaching an offtake agreement for all FBR polysilicon production from the Moses Lake facility. Discussions on key commercial terms for the FBR offtake continue and are progressing well towards completion.

REC Silicon will provide additional details on the key commercial terms as soon as the negotiations are completed.