Deal with top holder sets REC Silicon for best day in over a year

Rec Silicon ASA

01/02/2023 08:56

** Shares in REC Silicon  RECSI.OL  jump 22% after its unit
REC Solar Grade Silicon signs a binding term sheet with the
company's top holder Hanwha Solutions Corp  009830.KS 
    ** The agreement secures a 10-year take-or-pay offtake for
FBR polysilicon produced at REC Silicon's facility at Moses
Lake, Washington
    ** The offtake provides for the sale of 100% of the prime
FBR production from the facility to Hanwha Solutions, REC
Silicon says
    ** The contract allows the company to move forward with its
plan to re-start the facility in Q4 2023 and to aim for full
capacity utilization by the end of 2024, REC Silicon CEO Kurt
Levens says
    ** The share is on track for its best day since mid-November
2021
 (Reporting by Louise Breusch Rasmussen)
 ((Louisebreusch.rasmussen@tr.com))