Moses Lake, Washington USA -- August 2, 2024: REC Silicon Inc, a wholly owned
subsidiary of REC Silicon ASA (REC Silicon) announced that it has entered into
a USD 25 million short-term loan with Hanwha International LLC, for the
purpose of supporting the capital needs of REC Silicon and to provide a
liquidity buffer as the company completes its ongoing restart and expansion
initiatives in the coming weeks.
The terms of the loan are in line with the terms of the previously announced
facility loan agreements. Hanwha International LLC is an affiliate of the
company's two largest shareholders Hanwha Solutions and Hanwha Corporation.
Repayment of the loan is expected to be made when REC Silicon receives the
prepayment due after it makes the first shipment of ultra-high purity FBR
product from its restarted Moses Lake facility pursuant to the terms of the
existing long-term offtake agreement.
More information concerning the near completion of Moses Lake restart
activities and the expected first shipment of ultra-high purity FBR product
will be provided during REC Silicon's second quarter 2024 financial release to
be held on August 8, 2024.
As a leading producer of silane gases and silicon materials, 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, Montana. The successful restart of Moses Lake operations will enable
REC Silicon to provide ultra-high purity polysilicon to the US solar value
chain currently under construction while the Company also expects to supply
silane gas in significant volumes for anode materials to a fast-growing
battery industry.
Contacts
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Nils O. Kjerstad
IR Contact
Phone: +47 9135 6659
Email: nils.kjerstad@recsilicon.com
About Us
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REC Silicon is a global leader in silane based high purity silicon materials.
We combine 40 years experience and best-in-class proprietary technology to
deliver on customer expectations. Our two U.S. based plants have a combined
production capacity of more than 30,000 MT of high purity silane gas. Our
Signature Silane® based products are used in everyday quality of life
technologies, emerging technologies, cutting edge power and memory devices,
high-voltage transmission, as well as renewables. REC Silicon is headquartered
in Lysaker, Norway and listed on the Oslo stock exchange under the ticker:
RECSI.
For more information, go to: www.recsilicon.com
This information is subject to disclosure under the Norwegian Securities
Trading Act, §5-12. The information was submitted for publication at
2024-08-02 18:43 CEST.