REC Silicon - Capital/Financing Update 2021

REC Silicon - Settlement of claims under indemnity loans

Moses Lake, WA, October 18, 2021: Reference is made to previous announcements

from REC Silicon ASA ("REC") of 20 December 2019 and 18 November 2020 about

claims from Nordea of NOK 150 million under certain indemnity arrangements.

REC and Nordea have now entered into a settlement agreement pursuant to which

Nordea releases all claims against REC, against payment of NOK 95,000,000, of

which approx. NOK 32 million is settled through an existing escrow account of

REC with Nordea, and the balance is to be settled in one payment of approx. NOK

63 million by the end of February 2022.

For further information, please contact:

James A. May II, Chief Financial Officer

Phone: +1 509 989 1023

Nils O. Kjerstad, IR Contact

Phone: +47 9135 6659

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, and 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 Fornebu, Norway.

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

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

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

May III, CFO at REC Silicon ASA, on 18 October, 2021 at 22:55 CET.

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