REC Silicon – USD 30 million Facility Loan Financing announcement

Moses Lake, Washington USA – June 14, 2023: REC Silicon ASA (REC Silicon) has signed an agreement for a USD 30 million facility loan from Standard Chartered Bank in New York for the purpose of supporting the capital needs of the company.

This facility loan is part of the overall financing plan for the company’s ongoing restart and expansion initiatives and is fully guaranteed by REC Silicon’s largest shareholder Hanwha Solutions, contributing to favorable terms.

“We are pleased to be able to put into place an attractive loan facility with the support from our largest shareholder. This is another completed foundational activity that puts the company in the position to execute our strategy to restart the FBR facility and capitalize on business opportunities arising from the development of a complete solar value chain in the US and our position in the semiconductor critical materials as we continue investments to position ourselves for the expected improvement over the following quarters”, says Kurt Levens, CEO of REC Silicon.

As previously announced, the ongoing initiatives will require financing beyond this facility loan. The Company is progressing on its overall financing plan and is confident of having the necessary financing in place well in advance of the capital needs.

As a leading producer of silane gases and silicon metals, REC Silicon is well positioned to capitalize on the global megatrends of digitalization, energy transition and energy storage. 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 polysilicon to an emerging US solar value chain and potentially supply silane gas for anode material to a fast-growing battery industry.

For further information, please contact:
Jack Yun
CFO
[email protected]

Nils O. Kjerstad
IR Contact
Phone: +47 9135 6659
Email: [email protected]