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Hanwha Solutions to add stake in REC Silicon

An image of solar grade chunk polysilicon created by the Siemens process (REC Silicon)
An image of solar grade chunk polysilicon created by the Siemens process (REC Silicon)
South Korean energy-to-material firm Hanwha Solutions plans to acquire a 4.67 percent stake in Norway-based polysilicon manufacturer REC Silicon for $44 million to achieve a full-fledged US solar supply chain, the company said Thursday.

Hanwha will buy the stake from Norwegian renewable energy investment firm Aker Horizons. With the deal, Hanwha will become the largest shareholder of REC Silicon that is listed on the Oslo Stock Exchange.

Earlier in January, Hanwha bought a 16.67 percent stake in REC Silicon for $160 million.

REC Silicon operates two polysilicon manufacturing facilities in the United States. Polysilicon is considered a key material for solar cells and solar modules.

Their combined annual polysilicon production capacity totals 18,000 metric tons, including 16,000 tons in Moses Lake, Washington, and 2,000 tons in Butte, Montana. It produces solar polysilicon in the Moses Lake plant.

Hanwha Solutions, which owns solar arm Hanwha Q Cells, said in a statement that the company aims to secure capabilities across the entire solar supply chain in the US with the investment.

(consnow@heraldcorp.com)
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