REC Silicon

Earnings Release • Jun 20, 2024

REC Silicon - Moses Lake Operations Update

REC Silicon - Moses Lake Operations Update

Moses Lake, Washington USA - June 20, 2024: REC Silicon ASA ("REC Silicon" or

the "Company") provides an operational update for the recently restarted

silane-based high-purity granular polysilicon production facility in Moses

Lake, Washington.

Due to delays in completing the clean-up process to improve product

consistency and remove impurities, the first delivery of product from this

facility is now expected to occur around mid-September 2024. As all other

construction activities are on schedule to be completed by the end of August,

the company remains confident in having 100% available capacity by the end of

2024. The company is in advanced processes of exploring funding options to

bridge any temporary financial gap that could occur before the first shipment

of product, primarily along the lines of existing debt financing.

As previously disclosed, Silane 3 is fully ramped and running stably and a

portion of the granular polysilicon reactors are online with their output

balanced to utilize the facility's silane production. The post reactor

polishing and finishing processes are operating but continue to be a source of

added impurity to the finished product. It is normal for a facility startup to

undergo a cleanup process as various parts naturally passivate due to the

interaction with materials, flows and temperatures. However, this process is

taking longer than anticipated and is the direct cause of the delay to the

first delivery of product.

The Company has a dedicated task force comprised of engineering, research and

development, operations, quality analysis and outside experts to expedite the

cleanup process. The focus of the task force is to achieve the quality target

as quickly as possible so that product deliveries may commence as well as to

implement solutions for expedited methods of cleaning up the system in the

future.

As a leading producer of silane gases and silicon materials, 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, Montana. The successful restart of Moses Lake operations will enable

REC Silicon to provide ultra-high purity polysilicon to the US solar value

chain currently under construction while the Company also expects to supply

silane gas in significant volumes for anode materials to a fast-growing

battery industry.

Contacts

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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 global leader in silane based high purity silicon materials.

We combine 40 years experience and best-in-class proprietary technology to

deliver on customer expectations. Our two U.S. based plants have a combined

production capacity of more than 30,000 MT of high purity silane gas. Our

Signature Silane® based products are used in everyday quality of life

technologies, emerging technologies, cutting edge power and memory devices,

high-voltage transmission, as well as renewables. REC Silicon is headquartered

in Lysaker, Norway and listed on the Oslo stock exchange under the ticker:

RECSI.

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

This information has been submitted pursuant to the Securities Trading Act §

5-12 and MAR Article 19 no. 3. The information was submitted for publication

at 2024-06-20 20:50 CEST.