REC Silicon

M&A Activity • Oct 13, 2020

REC Silicon - REC Silicon and Violet Power Announce U.S. Supply Chain Partnership Enabling Increased U.S. Energy Resiliency

REC Silicon - REC Silicon and Violet Power Announce U.S. Supply Chain Partnership Enabling Increased U.S. Energy Resiliency

Vertically integrated solar manufacturing partnership based in Washington

securing a self-reliant solar manufacturing industry

Moses Lake, WA (October 13, 2020) - Today REC Silicon ASA (REC Silicon), a

leading producer of advanced silicon materials and Violet Energy, Inc., doing

business as Violet Power, announced their partnership to create an integrated

domestic solar manufacturing supply chain that will serve to revitalize and

accelerate self-reliance in meeting clean energy goals for electric utility

services. The two Washington headquartered companies will establish a silicon

ingot and wafer solution for Violet Power's immediate solar cell manufacturing

requirements which, following the restart of the plant sited in Moses Lake, will

utilize REC's hyper-pure silicon feedstock materials. REC Silicon and Violet

Power will also work to expand domestic capacity for production of input

materials necessary for other cyber-secure clean energy solutions utilizing

green energy to create sustainable, responsibly produced and highly competitive

products for domestic applications.

"We welcome Violet Power to Washington and look forward to a close collaboration

in building the comprehensive silicon-based supply chain for high technology

solutions in the United States. The U.S. represents one of the largest and

fastest growing solar installation markets in the world, creating huge

opportunity for high tech domestic manufacturing. We applaud Violet Power for

its leadership in entering the market at this critical time. Our collaboration

will create hundreds of direct jobs and multiply the indirect jobs linked with

solar, battery storage and semi-conductor applications" said Tore Torvund, CEO

and President of REC Silicon.

REC Silicon has already invested over $1.7Billion in Washington, in a unique

plant employing its proprietary silane gas-based fluidized bed reactor for

granular polysilicon. Violet Power is building a state-of-the-art facility, co-

located with REC's existing Moses Lake plant to manufacture solar cells and

modules, adding ingot and wafer production in time. Violet Power's initial cell

production will begin sampling in the second quarter of 2021 with 500 MW of

solar cells, reaching 1GW of capacity by 2022 and scaling to 5GW over the next

five years.

"It is time to re-shore solar manufacturing to the United States. Our goal is to

re-start, and re-vitalize U.S. manufacturing, bringing critical energy security

and resiliency to the U.S. REC Silicon is therefore a natural partner given its

long-standing technology leadership. This partnership secures domestic supply

chain self-reliance and is the springboard for tremendous new job creation. The

time is now," said Desari Strader, Violet Energy's Chairwoman and Founder.

For further information, please contact:

REC Silicon

Francine Sullivan

Vice President Business Development

Phone: +15097501133

francine.sullivan@recsilicon.com

Violet Power

Greg Stanko

Phone: +1301 938 9794

Email: gregs@violetpower.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: REC), the Company is headquartered in Lysaker,

Norway.

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

About Violet Power

Violet Power is the only U.S. solar producer to secure the capability to span

the full value chain, from hyper-pure silicon to photovoltaic power panels

maximizing long-term energy generation, resilience, and delivering the lowest

Levelized Cost of Energy.

This information is subject to disclosure requirements pursuant to section 5-12

of the Norwegian Securities Trading Act.