REC Silicon

Capital/Financing Update • Jul 20, 2023

REC Silicon Entered USD 100 million Term Loan Agreement

REC Silicon Entered USD 100 million Term Loan Agreement

Moses Lake, Washington USA -- July 20, 2023: REC Silicon ASA (REC Silicon)

through its subsidiary REC Silicon Inc, has entered into a loan agreement for

a USD 100 million term loan from KEB Hana Bank for the purpose of supporting

capital needs of the company.

The term loan is part of the overall financing plan for the company's ongoing

restart of the Moses Lake FBR facility. The term loan is also fully guaranteed

by REC Silicon's largest shareholder Hanwha Solutions, contributing to

favorable terms similar to the other recent debt financings. REC Silicon is in

discussions toward a potential smaller bank financing on similar terms that

may be necessary in the next few months so that funds are in place in advance

of any capital needs.

"We continue to execute the company's financing plan and appreciate the

support from our largest shareholder. This term loan strengthens the company's

overall financial position as we work towards completing the restart of the

Moses Lake high purity granular polysilicon facility. We will become a key

enabler of the developing total solar value chain in the US, while

simultaneously taking advantage of other opportunities that will further

enhance our strong position in the semiconductor materials market. These

efforts are well underway and are expected to be reflected in the future

results of the company." says Kurt Levens, CEO of REC Silicon.

As a leading producer of Silicon Gases and High Purity Polysilicon, REC

Silicon is well positioned to capitalize on the global megatrends of

digitalization, energy transition and energy storage and provide crucial

material inputs to the IRA, Chips and Infrastructure Acts. The company has

developed a strong market position in the Semiconductor industry based on its

operations in Butte. The re-opening of the Moses Lake operations will enable

REC Silicon to provide High Purity Polysilicon to an emerging US solar value

chain and together with the Butte operation potentially supply Silane gas for

anode material to a fast-growing battery industry.

Contacts

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Jack Yun

CFO

Email: jack.yun@recsilicon.com

Nils O. Kjerstad

IR Contact

Phone: +47 9135 6659

Email: nils.kjerstad@recsilicon.com

About Us

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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