REC Silicon

Major Shareholding Notification • Jan 14, 2022

REC Silicon ASA - Update on the strategic equity investment by Hanwha Solutions and PDMR notification

REC Silicon ASA - Update on the strategic equity investment by Hanwha Solutions and PDMR notification

(Oslo, Norway, 14 January 2022) Reference is made to the announcement on 18

November 2021 regarding the entering into an agreement between REC Silicon ASA

("REC Silicon" or the "Company"), Hanwha Solutions Corporation ("Hanwha

Solutions") and Aker Horizons ASA, through its subsidiary Aker Horizons Holding

AS ("Aker Horizons") pursuant to which REC Silicon shall issue, and Hanwha

Solutions shall subscribe for, 48,213,001 new shares (the "New Shares") in REC

Silicon at a subscription price of NOK 20 per share, totalling approximately NOK

964 million in proceeds in a directed share issue (the "Share Issue") and Aker

Horizons shall sell and Hanwha Solutions shall acquire 21,891,275 existing

shares in the Company (the "Share Purchase") at a price of NOK 20 per share

simultaneously with the Share Issue. At completion of the Share Issue and Share

Purchase (the "Transactions"), Aker Horizons and Hanwha Solutions will each own

approximately 16.67 percent of the shares in REC Silicon.

The waiting period to object to the transaction or request additional

information in connection with the requisite filings pursuant to the Hart-Scott-

Rodino Antitrust lmprovements Act of 1976 to US Federal Trade Commission and US

Department of Justice has now expired, and accordingly all conditions for

completion of the Transactions have been satisfied. The Transactions are

expected to be completed on or about 19 January 2022.

The Transactions bring together two of the leading producers in different parts

of the solar PV value chain. Hanwha Solutions is one of the world's largest

solar PV manufacturers with a total cell manufacturing capacity of 10GW

globally. The company provides high-quality solar PV panels to the residential

market through their wholly owned brand Q CELLS, which holds a 25 percent market

share in the US. The company operates one of the largest solar module factories

in the US with an annual production capacity of 1.7GW, corresponding to 12,000

PV modules per day.

The Transactions are expected to strengthen REC Silicon's financial position and

ensure that the Company has the necessary resources to reopen its FBR facility

in Moses Lake, Washington, and enable valuable investment opportunities in

Butte, Montana. Hanwha Solutions' strategic investment in REC Silicon represents

a step towards establishing a highly efficient, low carbon solar value chain in

the US and to ensure that REC Silicon plays an integral role in these efforts.

Hanwha Solutions' knowledge, expertise, and capabilities are expected to enhance

REC Silicon's ability to take advantage of opportunities and developing markets

in the solar, semiconductor, and battery industries. A US value chain for solar

PV manufacturing will result in the creation of demand for solar grade

polysilicon, which the Company expects will result in the restart of the

manufacture of high quality, low-cost solar grade granular polysilicon in Moses

Lake, Washington.

As a result of the Share Purchase, primary insider notification pursuant to the

Market Abuse Regulation article 19 for Aker Horizons as a person closely related

to the Company's Chairman Kristian Monsen Røkke is attached.

Arctic Securities is acting as settlement agent in connection with the

Transactions.

For further information, please contact:

Douglas Moore, Chief Financial Officer

Phone: +1 509 766-9133

Email: douglas.moore@recsilicon.com

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 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 is subject to the disclosure requirements in Regulation EU

596/2014 (MAR) article 19 and section 5-12 of the Norwegian Securities Trading

Act.