REC Silicon Statement of Material Agreement Concluded between REC Silicon ASA s Subsidiary REC Solar Grade Silicon LLC and Hanwha Solutions

31 Jan 2023 21:45 CET

REC Silicon ASA ("REC Silicon" or the "Company") announces the entering into
of a binding term sheet between its subsidiary REC Solar Grade Silicon LLC and
Hanwha Solutions for a 10 year take-or pay offtake for FBR polysilicon
produced at REC Silicon's facility at Moses Lake, Washington (the "Offtake").
The Offtake provides for the sale to Hanwha Solutions of 100% of the prime FBR
production from the facility.

- Securing offtake of production volumes has been a prerequisite for the
reopening of the Moses Lake facility, and it marks an all-important milestone
to have this in place. Our focus has been on entering into a quality contract
with a quality partner and with this , REC Silicon continues to move forward
with our plan for a re-start of the facility in the fourth quarter 2023, with
an ambition to reach full capacity utilization by year end 2024, says Kurt
Levens CEO of REC Silicon.

The base price for the Offtake will be determined by market indices adjusted
for a premium for US-sourced low carbon material. The base price is also
subject to both a minimum and maximum that protects REC Silicon against
potential future low market prices that could otherwise threaten the long-term
prospects for the Company. To secure the offtake obligations and to provide
security in support of the restart of the Moses Lake facility, Hanwha
Solutions will, upon entering into the full form agreement, make a significant
prepayment (the "Prepayment"). The parties expect that a full form agreement
including all operational details will be entered into in the coming months
and will be announced when finalized.

-The Offtake with Hanwha Solutions provides REC Silicon with the necessary
predictability to re-start the idled Moses Lake facility with the USA market
share leader as our key partner and make available high volumes of cost
competitive, high quality, ethically produced, low carbon solar grade
polysilicon to the fast-growing solar industry and enable the re-shoring of
key parts of the solar value chain in the USA, says Mr. Levens.

Please refer to the Company's website for an announcement as required pursuant
to Section 3-19 of the Norwegian Public Limited Liability Companies Act, which
regulation applies whenever a subsidiary of a public company such as REC
Silicon ASA enters into a qualifying material agreement with a related party.

Contacts
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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

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 2023-01-31 21:45 CET.

More information:
Access the news on Oslo Bors NewsWeb site

581078_REC Silicon Statement of Material Agreement Concluded between REC Silicon ASA s Subsidiary REC Solar Grade Silicon LLC and Hanwha Solutions.pdf