REC Silicon

Regulatory Filings • Jan 31, 2023

REC Silicon Statement of Material Agreement Concluded between REC Silicon ASA s Subsidiary REC Solar Grade Silicon LLC and Hanwha Solutions

REC Silicon Statement of Material Agreement Concluded between REC Silicon ASA s Subsidiary REC Solar Grade Silicon LLC and Hanwha Solutions

REC Silicon ASA ("REC Silicon" or the "Company") announces the entering into

of a binding term sheet between its subsidiary REC Solar Grade Silicon LLC and

Hanwha Solutions for a 10 year take-or pay offtake for FBR polysilicon

produced at REC Silicon's facility at Moses Lake, Washington (the "Offtake").

The Offtake provides for the sale to Hanwha Solutions of 100% of the prime FBR

production from the facility.

- Securing offtake of production volumes has been a prerequisite for the

reopening of the Moses Lake facility, and it marks an all-important milestone

to have this in place. Our focus has been on entering into a quality contract

with a quality partner and with this , REC Silicon continues to move forward

with our plan for a re-start of the facility in the fourth quarter 2023, with

an ambition to reach full capacity utilization by year end 2024, says Kurt

Levens CEO of REC Silicon.

The base price for the Offtake will be determined by market indices adjusted

for a premium for US-sourced low carbon material. The base price is also

subject to both a minimum and maximum that protects REC Silicon against

potential future low market prices that could otherwise threaten the long-term

prospects for the Company. To secure the offtake obligations and to provide

security in support of the restart of the Moses Lake facility, Hanwha

Solutions will, upon entering into the full form agreement, make a significant

prepayment (the "Prepayment"). The parties expect that a full form agreement

including all operational details will be entered into in the coming months

and will be announced when finalized.

-The Offtake with Hanwha Solutions provides REC Silicon with the necessary

predictability to re-start the idled Moses Lake facility with the USA market

share leader as our key partner and make available high volumes of cost

competitive, high quality, ethically produced, low carbon solar grade

polysilicon to the fast-growing solar industry and enable the re-shoring of

key parts of the solar value chain in the USA, says Mr. Levens.

Please refer to the Company's website for an announcement as required pursuant

to Section 3-19 of the Norwegian Public Limited Liability Companies Act, which

regulation applies whenever a subsidiary of a public company such as REC

Silicon ASA enters into a qualifying material agreement with a related party.

Contacts

------------------------------------------------------------------------------

Nils O. Kjerstad

IR Contact

Phone: +47 9135 6659

Email: nils.kjerstad@recsilicon.com

About Us

------------------------------------------------------------------------------

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 2023-01-31 21:45 CET.