REC Silicon

Board/Management Information • Apr 22, 2022

REC Silicon - Announcement from Hanwha Solutions on nominated board members

REC Silicon - Announcement from Hanwha Solutions on nominated board members

On 18 November 2021 Hanwha Solutions Corporation announced an agreement with

Aker Horizons ASA ("AKH") and REC Silicon ASA ("REC") to acquire 16.67 percent

of the shares in REC through a private placement and a share purchase from AKH.

Completion of the transaction occurred on 19 January 2022.

On 23 March 2022 Hanwha Corporation and Hanwha Solutions Corporation announced a

new agreement to acquire the remaining 16.67 percent of the shares in REC held

by AKH. Completion of this transaction is expected to occur in May 2022.

Following this transaction Hanwha Corporation and Hanwha Solutions Corporation

will own up to 1/3 of the shares in REC and become the largest shareholder in

the company.

This press release is issued by Hanwha Corporation and Hanwha Solutions

Corporation. The purpose of the press release is to provide the shareholders of

REC with further information ahead of the Extraordinary General Meeting that is

scheduled to be held on 2 May 2022 to appoint new members to the board of

directors of REC.

The Hanwha group is a leading business enterprise based in South Korea with USD

61 Bn. of revenue and USD 199 Bn. of assets. Hanwha Solutions Corporation, one

of the key subsidiaries of the Hanwha group, is an PV supplier and manufacturer

globally, operating the largest module production plant in the US and has also a

significant presence in Europe through its Q CELLS division.

Q CELLS is a leading supplier with the highest market share in the US

residential market and commercial solar market with 24 percent and 21 percent,

respectively, and will continue to invest to expand the renewable business in

the US.

REC is a polysilicon producer with the lowest CO2 footprint worldwide, with the

production facility in Moses Lake being a key asset that is currently not

operating due to market distortions.

During 2021 and 2022 market opportunities have increased significantly for REC

to play a key role in restoring a domestic solar value chain in the US. This

represents a potential for restarting the production of solar grade polysilicon

with an ultra-low carbon footprint at the Moses Lake. Hanwha wishes to support

the effort to reopen Moses Lake, to assist REC in assuming a position as a

corner stone of the US solar supply chain. Hanwha's ambition is to assist REC to

reopen the Moses Lake factory from 2023. In addition, as a well-positioned

supplier for silane gas, REC anticipates various investment opportunities with

support from Hanwha.

The Extraordinary General Meeting is held to appoint new members to the board of

directors to reflect the new ownership situation in REC and Hanwha's commitment

to support the company. Hanwha has nominated four highly qualified candidates,

including two senior executives from Hanwha Solutions Corporation and Hanwha

Corporation, and two experienced independent directors. The proposed board will

be well positioned to take responsibility for the overall management of the

company and to ensure that the company maintains sound and proper

internal/external control against any potential risks.

Accordingly, it is our pleasure to nominate the board of directors composed as

below:

+--------------------+------------+-----------------+--------------------------+

| Name | Role | Nationality | Note |

+--------------------+------------+-----------------+--------------------------+

| | | | CEO of Hanwha Solutions/ |

| Mr. Koo Yung Lee | Chair |Republic of Korea| Q CELLS Division |

+--------------------+------------+-----------------+--------------------------+

| | | | CEO of Hanwha |

| | | | Corporation/Global |

| Mr. Maeng Yoon Kim |Deputy Chair|Republic of Korea| Division |

+--------------------+------------+-----------------+--------------------------+

| Dr. Renate | | | Professor at Technical |

| Oberhoffer-Fritz |Independent | Germany | University of Munich |

+--------------------+------------+-----------------+--------------------------+

| | | | Investor in early phase |

| | | | startups in the energy |

|Ms. Heike Heiligtag |Independent | Germany | sector |

+--------------------+------------+-----------------+--------------------------+

All four members have significant experience to provide leadership and the right

environment to effectively promote the success of the company for the benefit of

its shareholders. Hanwha Solutions Corporation and Hanwha Corporation consider

that all members are highly effective with a good understanding of the REC's

opportunities as well as managing any risks that come along with the business.

The members will be committed to carrying out the business in a responsible way

and remain focused on improving the business of REC on behalf of all the

shareholders.

For further information, please contact:

Nils O. Kjerstad

IR Contact

Phone: +47 9135 6659

Email: nils.kjerstad@crux.no

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 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 Fornebu, Norway.

For more information, go to: www.recsilicon.com