REC Silicon

Share Issue/Capital Change • Jan 14, 2022

REC Silicon - Share issue in connection with strategic equity investment by Hanwha Solutions

REC Silicon - Share issue in connection with strategic equity investment by Hanwha Solutions

(Oslo, Norway, 14 January 2022). Reference is made to the announcements on 18

November 2021 and 14 January 2022 regarding the agreement between REC Silicon

ASA ("REC Silicon" or the "Company"), Hanwha Solutions Corporation ("Hanwha

Solutions") and Aker Horizons ASA, through its subsidiary Aker Horizons Holding

AS ("Aker Horizons") pursuant to which REC Silicon shall issue, and Hanwha

Solutions shall subscribe for, 48,213,001 new shares (the "New Shares") in REC

Silicon at a subscription price of NOK 20 per share, totalling approximately NOK

964 million in proceeds in a directed share issue (the "Share Issue") and Aker

Horizons shall sell and Hanwha Solutions shall acquire 21,891,275 existing

shares in the Company (the "Share Purchase") at a price of NOK 20 per share

simultaneously with the Share Issue. At completion of the Share Issue and Share

Purchase (the "Transactions"), Aker Horizons and Hanwha Solutions will each own

approximately 16.67 percent of the shares in REC Silicon.

As a result of the agreed Share Issue, the board of directors of REC Silicon has

resolved to increase the Company's share capital with NOK 48,213,001 by the

issuance of 48,213,001, each with a par value of NOK 1. The share capital

increase pertaining to the Share Issue was resolved by the Board of Directors of

the Company on 14 January 2022 pursuant to the existing authorization granted by

the general meeting held on 11 May 2021 to the board of REC Silicon.

Following the issuance of the New Shares, the Company will have an issued share

capital of NOK 420,625,659, divided into shares 420,625,659, each with a par

value of NOK 1.

As a consequence of the Share Issue structure, the shareholders' preferential

right will be deviated from. The board of REC Silicon has considered the

structure of the contemplated Share Issue of New Shares in light of the equal

treatment obligations under the Norwegian Public Limited Companies Act, the

Norwegian Securities Trading Act and the rules on equal treatment under Oslo

Rule Book II for companies listed on the Oslo Stock Exchange and the Oslo Stock

Exchange's Guidelines on the rule of equal treatment. The Company is of the view

that it will be in the common interest of the Company and its shareholders to

carry out the Share Issue, in view of the strategic partnership with Hanwha

Solutions and the growth opportunities currently available to the Company. The

board has further assessed that it will not be required to implement a

subsequent offering.

Arctic Securities is acting as settlement agent in connection with the

Transactions.

For further information, please contact:

Douglas Moore, Chief Financial Officer

Phone: +1 509 766-9133

Email: douglas.moore@recsilicon.com

Nils O. Kjerstad IR Contact

Phone: +47 9135 6659

Email: nils.kjerstad@crux.no.

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 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

This information is subject to the disclosure requirements in Regulation EU

596/2014 (MAR) article 19 and section 5-12 of the Norwegian Securities Trading

Act.