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
jack.yun@recsilicon.com
Nils O. Kjerstad
IR Contact
Phone: +47 9135 6659
Email: nils.kjerstad@recsilicon.com
About Us
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REC Silicon is a leading producer of advanced silicon materials, delivering
high-purity polysilicon and silicon gas to the solar and electronics
industries worldwide. We combine over 30 years of experience and proprietary
technology with the needs of our customers, with annual production capacity of
more than 20,000 MT of polysilicon from our two US-based manufacturing plants.
Listed on the Oslo Stock Exchange (ticker: RECSI), the Company is
headquartered in Lysaker, Norway.
For more information, go to: www.recsilicon.com