REC Silicon

Share Issue/Capital Change • May 30, 2023

REC Silicon Yulin owner share part of public bidding process

REC Silicon Yulin owner share part of public bidding process

Moses Lake, Washington USA -- May 30, 2023: REC Silicon Pte. Ltd, a fully

owned subsidiary of REC Silicon ASA ("REC Silicon"), has offered its 15%

equity interest in the Shaanxi Non-Ferrous Tian Hong REC Silicon Materials

Co., Ltd joint venture ("Yulin JV"), as part of a public bidding process in

connection with the Yulin JV's capital raise.

According to the regulations applicable to state owned enterprises in China, a

valuation must be determined prior to the commencement of the bidding process,

which valuation will be used to determine a price floor. The value of the

Yulin JV was determined by a third-party appraiser to be approximately RMB 6.8

billion, implying gross proceeds before transaction costs of approximately RMB

1 billion for REC Silicon's 15% share if the bidding process is successful.

Proceeds from a potential transaction will strengthen REC Silicon's financial

capacity. The transaction is expected to generate a non-recurring gain which

should be recognized and available to REC Silicon in the second half of 2023.

"As we have stated in our past quarterly results presentations, this matter is

one we would resolve before the end of the year in cooperation with our Yulin

JV partner. This transfer is in line with our long-term strategy, focusing on

development of a solar value chain in the US and investments in our gases

business to support the growth of the Semiconductor industry and nascent

Silicon Anode material industry. It provides us with significant additional

funding resources and will free up the capacity of management to fully focus

on executing on the remaining foundational items required to deliver on our

strategy for long term value creation, centered on further development of our

production assets in Moses Lake, Butte and additional future opportunities",

says Kurt Levens, CEO of REC Silicon.

The Yulin joint venture was created by REC Silicon and Shaanxi Non-Ferrous

Tian Hong New Energy Co in 2014 to develop a greenfield production facility

for silane gas, solar and electronic grade polysilicon, utilizing REC

Silicon's fluidized bed reactor (FBR) technology.

For additional information, please contact

Jack Yun

CFO, REC Silicon

jack.yun@recsilicon.com

Nils O. Kjerstad

IR contact, REC Silicon

+47 9135 6659

nils.kjerstad@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

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