Moses Lake, Washington USA - August 16, 2024: REC Silicon Inc, a fully owned
subsidiary of REC Silicon ASA (the "Company") has entered into an additional
USD 20 million facility loan from Standard Chartered Bank in New York through
an amendment to the existing facility loan of USD 30 million.
This additional facility loan is fully guaranteed by REC Silicon's largest
shareholder Hanwha Solutions and will mature on June 13, 2025, the same date
as the existing facility loan.
"This new loan will strengthen the Company's liquidity position and help
bridge the financing gap until our first product shipment from Moses Lake
which is expected by the middle of September. We are pleased to be able to
secure funding at attractive terms with the support from our largest
shareholder", says CEO Kurt Levens.
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
2024-08-16 17:45 CEST.