REC Silicon

Capital/Financing Update • Sep 15, 2023

REC Silicon Entered USD 40 million Loan Agreement

REC Silicon Entered USD 40 million Loan Agreement

Moses Lake, Washington USA -- September 15, 2023: REC Silicon ASA (REC

Silicon) through its subsidiary REC Silicon Inc, has entered into a loan

agreement for a USD 40 million term loan from Nonghyup Bank, New York Branch,

for the purpose of supporting the restart capital needs of the company.

The term loan is the final piece of the overall financing plan for the

company's ongoing restart of the Moses Lake FBR facility. As with the other

recent debt financings, the term loan is fully guaranteed by REC Silicon's

largest shareholder Hanwha Solutions, contributing to favorable terms.

"We are pleased to complete the company's restart financing plan with the

close of this term loan. As we have expressed previously, we also appreciate

the support from our largest shareholder. Now that the financing plan is

behind us, the Company will continue to devote its full attention to

completing the restart of the Moses Lake high-purity granular polysilicon

facility that is significantly more efficient from an energy perspective than

our competitors' technologies and is clean, green, and fully traceable. All

such restart activities are progressing well and are on schedule and within

budget." says Kurt Levens, CEO of REC Silicon.

As a leading producer of Silicon Gases and High Purity Polysilicon, REC

Silicon is well positioned to capitalize on the global megatrends of

digitalization, energy transition and energy storage and provide crucial

material inputs to the IRA, Chips, and Infrastructure Acts. 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 High Purity Polysilicon to an emerging US solar value

chain and together with the Butte operation potentially supply Silane gas for

anode material to a fast-growing battery industry.

Contacts

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Jack Yun

CFO

Email: 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

This information has been submitted pursuant to the Securities Trading Act §

5-12 and MAR Article 19 no. 3. The information was submitted for publication

at 2023-09-15 21:37 CEST.