REC Silicon ASA – Strategic equity investment by Hanwha Solutions
18 Noviembre 2021 - 12:30AM
REC Silicon ASA – Strategic equity investment by Hanwha Solutions
(Oslo, Norway, 18 November 2021)
REC Silicon ASA (“REC Silicon” or the “Company”) today announced
that Aker Horizons Holding AS (“Aker Horizons”), REC Silicon and
Hanwha Solutions Corporation ("Hanwha Solutions") have entered into
an agreement pursuant to which REC Silicon shall issue, and Hanwha
Solutions shall subscribe for, 48,213,001 new shares (the "New
Shares") in REC Silicon at a subscription price of NOK 20 per
share, totalling approximately NOK 964 million in proceeds in a
directed share issue (the “Share Issue”). The Share Issue will be
implemented based on the existing authorization granted to the
board of REC Silicon. Furthermore, Aker Horizons shall sell and
Hanwha Solutions shall acquire 21,891,275 existing shares in the
Company (the “Share Purchase”) at a price of NOK 20 per share
simultaneously with the Share Issue. At completion of the Share
Issue and Share Purchase (the “Transactions”), Aker Horizons and
Hanwha Solutions will each own approximately 16.67 percent of the
shares in REC Silicon.
The Transactions bring together two of the leading producers in
different parts of the solar PV value chain. Hanwha Solutions is
one of the world’s leading solar PV manufacturers with a total cell
manufacturing capacity of 10GW globally. The company provides
high-quality solar PV panels to the residential market through
their wholly owned brand Q CELLS, which holds a 25 percent market
share in the US. The company operates one of the largest solar
module factories in the US with an annual production capacity of
1.7GW, corresponding to 12,000 PV modules per day.
The Transactions are expected to strengthen REC Silicon’s
financial position and ensure that the Company has the necessary
resources to reopen its FBR facility in Moses Lake, Washington, and
enable valuable investment opportunities in Butte, Montana. Hanwha
Solutions’ strategic investment in REC Silicon represents a step
towards establishing a highly efficient, low carbon solar value
chain in the US and to ensure that REC Silicon plays an integral
role in these efforts. Hanwha Solutions’ knowledge, expertise, and
capabilities are expected to enhance REC Silicon’s ability to take
advantage of opportunities and developing markets in the solar,
semiconductor, and battery industries. A US value chain for solar
PV manufacturing will result in the creation of demand for solar
grade polysilicon, which the Company expects will result in the
restart of the manufacture of high quality, low-cost solar grade
granular polysilicon in Moses Lake, Washington during 2023.
Hanwha Solutions’ investment in REC Silicon illustrates their
commitment to ensure that the objective of a US based solar value
chain is realized. The Solar Energy Manufacturing for America
(SEMA) Act currently being considered in the US Congress is aimed
specifically at encouraging strategic investments in US
manufacturing capabilities. This transaction clearly demonstrates
the potential to build solar manufacturing capabilities in the
United States quickly and efficiently – which is the primary
objective of the proposed SEMA Act. The eventual passage of the
legislation will support the parties’ ambitions to establish a
comprehensive US solar value chain, from production of polysilicon
to fully assembled solar modules.
“I am excited to report this first step in the creation of a low
carbon solar value chain in the United States. I expect this
development to result in the restart of the Moses Lake FBR
polysilicon manufacturing facility. This transaction aligns the
interest of two large industrial shareholders and demonstrates
their commitment to REC Silicon’s future. The anticipated passage
of the SEMA Act represents an essential element in supporting the
creation of a profitable and efficient solar value chain in the
United States. REC Silicon is now well positioned to take advantage
of this opportunity,” said Tore Torvund, CEO.
Hanwha Solutions has expressed a strong desire to be represented
with a board member on the Board of Directors of REC Silicon and a
general meeting will be called for in order for the Company’s
shareholders to consider this proposal. The proposal is supported
by Aker Horizons. Furthermore, the chairman of the board of
directors Kjell Inge Røkke, is planning to step down and Aker
Horizons will propose to the nomination committee that Kristian
Monsen Røkke is elected as chairman of the board.
A notice for an extraordinary general meeting will be issued in
order for the Company's shareholders to consider the proposed
appointments.
Completion of the transactions is expected to occur early in the
first quarter 2022, subject to customary anti-trust filing in the
US.
Arctic Securities acted as financial advisor for REC Silicon in
the private placement.
For further information, please contact: James A. May II, Chief
Financial Officer Phone: +1 509 989 1023 Email:
james.may@recsilicon.com
Nils O. Kjerstad IR Contact Phone: +47 9135 6659 Email:
nils.kjerstad@crux.no.
This information is considered to be inside information pursuant
to the EU Market Abuse Regulation. This stock exchange announcement
was published by Nils O. Kjerstad, IR Contact at REC Silicon ASA,
on 18 November 2021 at 07:30 CET.
About REC Silicon: 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
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