Silicor Materials to produce solar silicon in Iceland

July 15, 2014
Facebook
Twitter
LinkedIn
Reddit
Email

Solar silicon materials producer, Silicor Materials is to establish a 19,000MT plant in Iceland to convert metallurgical-grade silicon (MG-Si) feedstock to purified solar grade silicon that it claims can be produced at US$9/kg.

The small US-based company is tapping banks, ports, equipment and electricity suppliers in Iceland to support the building and operating of the planned facility that will located at the port of Grundartangi and initially employ 100 construction workers and around 400 full-time employees.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Unspecified financing requirements are being sought from Arion Bank, said to be one of the largest banks in the country, while Centra Corporate Finance is tasked with raising equity finance for the project. Location incentive packages were said to be ongoing with Iceland’s Ministry of Industries and Innovation.

Silicor also said it had has obtained heads of terms, and a letter of intent from Landsvirkjun and Orka Náttúrunnar (ON Power) respectively, two of Iceland’s largest power producers, to supply plant operations.

SMS Siemag, a machinery and plant construction expert for the steel, aluminum and metallurgical-grade silicon industries, has signed on to supply the majority of the facility’s production equipment, according to Silicor.

“When we consider the potential sites for our first commercial-scale plant, Iceland is a leading candidate for a number of reasons,” said Theresa Jester, CEO of Silicor Materials. “In addition to its world-class manufacturing and transportation infrastructure, the country provides low-cost renewable energy, enabling Silicor to produce the only truly ‘green’ silicon in the world. Further, Iceland ranks among the top aluminum producers worldwide, providing Silicor with a built-in market for its premium aluminum-based products. With the support of Arion Bank, we are well positioned to bring venture to realisation.”

Subject to final agreements, Silicor said it wanted to break ground later in 2014 and have construction and initial production in 2016.

Iceland benefits from very low electricity costs due to thermal power plants and has been touted as a location for both polysilicon and semiconductor manufacturing due to high energy consumption requirements. 

Read Next

October 15, 2025
Wood Mackenzie has warned of a supply bottleneck as the renewable energy shift drives a spike in global copper demand over the next decade.
October 15, 2025
The average price of a solar PPA signed in North America increased 4% between the second and third quarters of 2025, according to LevelTen.
October 15, 2025
A report by IRENA and others has highlighted the need for yearly renewable energy deployments to almost double between now and 2030.
October 15, 2025
Independent power producer (IPP) Geronimo has begun construction on it’s150MW solar project in Illinois and commissioned the 125MW PV project in Michigan.
October 15, 2025
Ciel & Terre has launched a new floating PV structure designed to address the increasingly large scale of floating solar projects.
October 15, 2025
Indian module manufacturer Saatvik Green Energy, through its subsidiary Saatvik Solar Industries, has secured solar PV module orders worth INR6.89 billion (US$78 million).

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK