REC plans to restart production in Moses Lake, Washington during the fourth quarter of 2023 – EQ Mag Pro
Moses Lake, Washington USA : REC Silicon ASA (REC Silicon) reported first quarter 2022 revenues of USD 34.6 million compared to USD 43.2 million in the fourth quarter of 2021. The Company also reported an EBITDA of USD 3.6M compared to a loss USD 0.4 million in the prior quarter.
The Company reported EBITDA contributed by the semiconductor materials segment of USD 10.7 million for the first quarter compared to 9.3 million for the fourth quarter. The increase in EBITDA is due primarily to higher product sales prices and lower electricity costs compared to the fourth quarter of 2021.
Silicon gas sales volumes for the fourth quarter were 764 MT compared to 750 MT during the prior quarter. Total polysilicon sales volumes for the quarter were 267 MT and polysilicon inventories increased by 103 MT.
REC Silicon reported cash balances of USD 204.0 million on March 31, 2022 compared to USD 110.5 million on December 31, 2021. The increase in cash was a result of the placement of equity of USD 109.5 million associated with the investment by Hanwha Solutions Corporation completed on January 19, 2022.
“Today, REC Silicon is announcing plans to restart production in Moses Lake, Washington. We expect to realize first production during the fourth quarter of 2023 and reach full capacity utilization during 2024. The restart of production is a direct result of Hanwha’s commitment to REC Silicon. We look forward to a close relationship with Hanwha that allows REC Silicon access to Hanwha’s strength and experience to unlock the value of REC Silicon’s unique position with respect to solar energy materials, battery materials opportunities, and semiconductor markets. We are currently discussing supplying Hanwha Solutions with polysilicon and Hanwha Corporation with silane gas. These arrangements would allow REC Silicon the opportunity to focus on manufacturing excellence and to enhance market solutions through product development,“ said James A. May II, CEO of REC Silicon.
About REC Silicon
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.