REC Silicon — Capital/Financing Update 2023

Jun 14, 2023

REC Silicon USD 30 million Facility Loan Financing announcement

REC Silicon USD 30 million Facility Loan Financing announcement

Moses Lake, Washington USA -- June 14, 2023: REC Silicon ASA (REC Silicon) has

signed an agreement for a USD 30 million facility loan from Standard Chartered

Bank in New York for the purpose of supporting the capital needs of the

company.

This facility loan is part of the overall financing plan for the company's

ongoing restart and expansion initiatives and is fully guaranteed by REC

Silicon's largest shareholder Hanwha Solutions, contributing to favorable

terms.

"We are pleased to be able to put into place an attractive loan facility with

the support from our largest shareholder. This is another completed

foundational activity that puts the company in the position to execute our

strategy to restart the FBR facility and capitalize on business opportunities

arising from the development of a complete solar value chain in the US and our

position in the semiconductor critical materials as we continue investments to

position ourselves for the expected improvement over the following quarters",

says Kurt Levens, CEO of REC Silicon.

As previously announced, the ongoing initiatives will require financing beyond

this facility loan. The Company is progressing on its overall financing plan

and is confident of having the necessary financing in place well in advance of

the capital needs.

As a leading producer of silane gases and silicon metals, REC Silicon is well

positioned to capitalize on the global megatrends of digitalization, energy

transition and energy storage. 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

polysilicon to an emerging US solar value chain and potentially supply silane

gas for anode material to a fast-growing battery industry.

For further information, please contact:

Jack Yun

CFO

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