Elkem

Elkem to acquire industrial areas in Norway

Elkem ASA has signed an agreement to acquire REC Solar Norway AS from REC Solar

Holdings AS, a subsidiary of Reliance Industries. This transaction will give

Elkem control of industrial areas and facilities in Norway, including areas next

to Elkem's activities at Fiskaa in Kristiansand.

"Through this agreement, Elkem secures control of industrial areas and

facilities in Kristiansand and at Herøya. This will give us the opportunity to

gain local synergies and further develop the Fiskaa site. The transaction will

also provide access to attractive facilities for testing and optimisation of

products and green production processes near our research center in

Kristiansand," says Håvard Moe, Elkem's senior vice president for Technology.

Elkem plans to leverage these areas to pursue new, and support existing,

opportunities rather than re-starting REC Solar Norway's previous business

model. The transaction will not affect the downsizing process initiated by REC

Solar Norway.

The transaction remains subject to necessary approvals, including from the

Norwegian Competition Authority.

For further information, please contact:

Odd-Geir Lyngstad

VP Finance & Investor Relations

Tel: +47 976 72 806

Fredrik Norman

VP Corporate Communications & Public Affairs

Tel: +47 918 66 567

About Elkem

Elkem is one of the world's leading providers of advanced silicon-based

materials shaping a better and more sustainable future. The company develops

silicones, silicon products and carbon solutions by combining natural raw

materials, renewable energy and human ingenuity. Elkem helps its customers

create and improve essential innovations like electric mobility, digital

communications, health and personal care as well as smarter and more sustainable

cities. With a strong track record since 1904, its global team of more than

7,300 people has a joint commitment to stakeholders: Delivering your potential.

In 2022, Elkem achieved an operating income of NOK 45.9 billion and CDP ratings

of A- on climate and forest. Elkem is listed on the Oslo Stock Exchange (ticker:

ELK), where the company is also included in the ESG Index. www.elkem.com

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