Hanwha buys large stake in REC Silicon, looks to restart US polysilicon production

Facebook
Twitter
LinkedIn
Reddit
Email
REC Silicon will use Hanwha investment to restart its US polysilicon production at Moses Lake in Washington. Image: REC Silicon.

Hanwha Solutions Corporation has agreed to buy a 16.67% stake in Norwegian polysilicon manufacturer REC Silicon in a deal worth around US$160 million, with the South Korean chemical company looking to reopen REC Silicon’s 20,000MT polysilicon factory in the US.

Under the deal Hanwha, which wholly owns module maker Q CELLS, will purchase around 70 million shares from REC silicon and Aker Horizons, with each share being worth NOK20 (US$2.28), resulting in a 16.67% stake.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The transaction is expected to provide REC Silicon with enough capital to restart its operations at the 20,000MT Moses Lake polysilicon facility in Washington during 2023, which employs fluidised bed reactor (FBR) technology to produce granular polysilicon, which REC Silicon said uses 90% less power than the traditional Siemens process.

The restart was already more likely following recent policy initiatives unveiled by US President Joe Biden, REC Silicon had previously said.

The purchase will also enable further investment into its 2,000MT factory in Butte, Montana that produces semi-conductor materials. Through Q CELLS, Hanwha already operates a 1.7GW module factory in the US.

“Hanwha Solutions’ strategic investment in REC Silicon represents a step towards establishing a highly efficient, low carbon solar value chain in the US,” said REC Silicon in a company media release.

REC Silicon made clear its intentions to use the investment to strengthen its US position via greater polysilicon production and referenced the Solar Energy Manufacturing for America (SEMA) Act currently being considered by US lawmakers as a potential source of support.

“This transaction clearly demonstrates the potential to build solar manufacturing capabilities in the United States quickly and efficiently – which is the primary objective of the proposed SEMA Act,” REC Silicon said.

“The anticipated passage of the SEMA Act represents an essential element in supporting the creation of a profitable and efficient solar value chain in the United States. REC Silicon is now well positioned to take advantage of this opportunity,” said Tore Torvund, REC Silicon CEO.

Hanwha said it wanted to be represented on REC Silicon’s board of directors and a general meeting will be called so shareholders can consider the proposal, which is supported by Aker Horizon.

REC Silicon’s chairman of the board, Kjell Inge Røkke, is planning to step down and Aker Horizons will propose that Kristian Monsen Røkke is elected as the next chairman.

27 June 2024
9am BST
FREE WEBINAR -This special webinar will take a deep dive into the latest PV ModuleTech Bankability Ratings pyramid, capturing the relative bankability status of the top 70-80 PV module suppliers globally. In addition to revealing the latest ranking of global PV module suppliers, PV Tech’s Head of Research, Finlay Colville, will show the depth of analysis and commentary included within the report for module suppliers. A key output from the webinar will be to learn which PV module suppliers have moved up the rankings pyramid in recent years and why this growth has been achieved. Conversely, some of the companies that have fallen down the rankings will be discussed, in particular those suffering from market-share losses and financial problems.
8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
11 March 2025
Frankfurt, Germany
The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.

Read Next

June 11, 2024
JA Solar tops the list with the score of 82.9 out of 100, followed by Trina Solar (81.7), JinkoSolar (80.8) and Canadian Solar (78.5).
June 5, 2024
GCL Tech is to build the Middle East's first polysilicon plant and the company's first overseas facility in the UAE.
Premium
June 3, 2024
Polysilicon prices have stabilised but remain low, with average n-type prices dropping further, according to the latest industry data.
Premium
May 17, 2024
The China Nonferrous Metals Industry Association's latest round of polysilicon and wafer prices continue to fall down.
May 14, 2024
US President Joe Biden has announced a series of tariffs directed towards Chinese goods, including solar cells.
Premium
May 14, 2024
PV Tech Premium explores whether the US will be able to bring solar wafer and polysilicon supply onshore in the current market climate.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 2, 2024
Athens, Greece
Solar Media Events
July 9, 2024
Sands Expo and Convention Centre, Singapore
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia