UPDATE 2 – REC Silicon expects resolution on Moses Lake restart by end-2022

March 25 (Renewables Now) – Norway-based silicon supplies producer REC Silicon ASA (OSE:REC) expects to decide on the restart of manufacturing at its polysilicon plant in Moses Lake, Washington, earlier than the tip of the present yr.

The corporate says so in its annual report for 2021 and reiterates that the choice “will rely on when Chinese language markets for photo voltaic grade polysilicon re-open, a non-Chinese language Photo voltaic PV worth chain is developed, silicon anode battery expertise based mostly on silane gasoline is commercialized, and/or different vital constructive developments happen in photo voltaic grade polysilicon markets.”

As beforehand introduced, South Korea’s Hanwha Options Corp (KRX:009830) grew to become the biggest shareholder of REC Silicon after shopping for, alongside Hanwha Corp (KRX:000880), all shares held by Aker Horizons ASA (OSE:AKH). Hanwha Options then stated it plans to make a multi-billion-dollar funding throughout the total photo voltaic worth chain within the US.

The Moses Lake polysilicon manufacturing facility was shut down in 2019 due to the impacts of Chinese language tariffs on US-made polysilicon, unsure market situations and lowered demand for REC Silicon’s solar-grade polysilicon.

For 2021, the corporate reported a loss from persevering with operations of USD 43.5 million (EUR 39.4m) in comparison with a lack of USD 46.7 million in 2020. Whole revenues rose by 17.3% on the yr to USD 143.2 million due to elevated gross sales quantity of polysilicon and a rise in common silicon gasoline gross sales value. Nonetheless, the photo voltaic supplies section contributed little or no to the highest line as a result of no solar-grade polysilicon was produced in any respect final yr.

(USD 1.0 = EUR 0.905)

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