REC Silicon

Share Issue/Capital Change • Nov 18, 2021

REC Silicon ASA - Strategic equity investment by Hanwha Solutions

REC Silicon ASA - Strategic equity investment by Hanwha Solutions

(Oslo, Norway, 18 November 2021)

REC Silicon ASA ("REC Silicon" or the "Company") today announced that Aker

Horizons Holding AS ("Aker Horizons"), REC Silicon and Hanwha Solutions

Corporation ("Hanwha Solutions") have entered into an agreement 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"). The Share Issue will be implemented

based on the existing authorization granted to the board of REC Silicon.

Furthermore, 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 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 leading

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 during 2023.

Hanwha Solutions' investment in REC Silicon illustrates their commitment to

ensure that the objective of a US based solar value chain is realized. The Solar

Energy Manufacturing for America (SEMA) Act currently being considered in the US

Congress is aimed specifically at encouraging strategic investments in US

manufacturing capabilities. This transaction clearly demonstrates the potential

to build solar manufacturing capabilities in the United States quickly and

efficiently - which is the primary objective of the proposed SEMA Act. The

eventual passage of the legislation will support the parties' ambitions to

establish a comprehensive US solar value chain, from production of polysilicon

to fully assembled solar modules.

"I am excited to report this first step in the creation of a low carbon solar

value chain in the United States. I expect this development to result in the

restart of the Moses Lake FBR polysilicon manufacturing facility. This

transaction aligns the interest of two large industrial shareholders and

demonstrates their commitment to REC Silicon's future. The anticipated passage

of the SEMA Act represents an essential element in supporting the creation of a

profitable and efficient solar value chain in the United States. REC Silicon is

now well positioned to take advantage of this opportunity," said Tore Torvund,

CEO.

Hanwha Solutions has expressed a strong desire to be represented with a board

member on the Board of Directors of REC Silicon and a general meeting will be

called for in order for the Company's shareholders to consider this proposal.

The proposal is supported by Aker Horizons. Furthermore, the chairman of the

board of directors Kjell Inge Røkke, is planning to step down and Aker Horizons

will propose to the nomination committee that Kristian Monsen Røkke is elected

as chairman of the board.

A notice for an extraordinary general meeting will be issued in order for the

Company's shareholders to consider the proposed appointments.

Completion of the transactions is expected to occur early in the first quarter

2022, subject to customary anti-trust filing in the US.

Arctic Securities acted as financial advisor for REC Silicon in the private

placement.

For further information, please contact:

James A. May II, Chief Financial Officer

Phone: +1 509 989 1023

Email: james.may@recsilicon.com

Nils O. Kjerstad IR Contact

Phone: +47 9135 6659

Email: nils.kjerstad@crux.no.

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation. This stock exchange announcement was published by Nils

O. Kjerstad, IR Contact at REC Silicon ASA, on 18 November 2021 at 07:30 CET.

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