REC Silicon - REC Silicon and Mississippi Silicon Announce MOU for Solar Supply Chain Expansion

Moses Lake, Washington USA August 22, 2022: The passage of the Inflation Reduction Act which includes SEMA legislation will drive increases in the U.S. production of polysilicon and metallurgical grade silicon.

REC Silicon and Mississippi Silicon today announce a Memorandum of Understanding committing the companies to negotiate a raw material supply agreement and help establish a low-carbon and fully traceable U.S.-based solar supply chain.

Recent investment by the Hanwha Group into REC Silicon, in conjunction with Hanwha’s subsidiary Qcells, moves REC to expand its relationship with Mississippi Silicon to support the development of an end-to-end U.S. solar supply chain from raw silicon, to polysilicon, and finally fully assembled modules.

Passage of Senator Jon Ossoff’s Solar Energy Manufacturing for America Act as part of a broad clean energy incentive package included in the Inflation Reduction Act makes such plans immediately possible.

As a leading producer of high-purity electronics and solar grade polysilicon with assets in Moses Lake, Washington and Butte, Montana, REC is positioned to help lead the U.S.’ clean energy transition. The recent Hanwha investment will enable a re-start of the currently idle Moses Lake plant in 2023 and make available high volumes of cost competitive, high quality, and low carbon solar grade polysilicon.

James A. May II, CEO of REC Silicon. "As previously announced, REC is working hard to drive large-scale investments to develop a robust solar supply chain in the US. In line with REC’s endeavors, we applaud the efforts and determination that were needed to realize the passage of the Inflation Reduction Act. We are hopeful that with the passage of the Inflation Reduction Act which includes SEMA, the entire solar supply chain in the US will be fully established and placed in a position to flourish.”

Mississippi Silicon is the first new Silicon Metal facility in North America in forty years. Located in the northeast corner of Mississippi State the plant is strategically placed to take advantage of expanding domestic customer base, stable low-cost electricity and regional supply chain. This silicon metal facility has the highest quality process and environmental controls available, which allows it to operate one of the most efficient and cleanest silicon meal plants in the world.

Eddie Boardwine, CEO of Mississippi Silicon, noted "Mississippi Silicon was founded nearly ten years ago to be a domestic source of high-quality silicon metal to the US solar, electronics and chemical industries. We are pleased by the growing recognition of the importance of a strong end-to-end US supply chain for these materials. Passage of the SEMA Act makes bringing that supply chain to reality. We look forward to working with REC Silicon to strengthen our existing relationship and build out that vital supply chain.”

For more information on REC Silicon and Mississippi Silicon, please visit www.recsilicon.com and https://www.missilicon.com/.

For further information, please contact:
Douglas J. Moore, Chief Financial Officer
Phone: +1 509 989 0749
Email: douglas.moore@recsilicon.com

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 industriesworldwide. 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.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

www.recsilicon.com