GlobeNewswire by notified

REC Silicon - Announcement from Hanwha Solutions on nominated board members


On 18 November 2021 Hanwha Solutions Corporation announced an agreement with Aker Horizons ASA (“AKH”) and REC Silicon ASA (“REC”) to acquire 16.67 percent of the shares in REC through a private placement and a share purchase from AKH. Completion of the transaction occurred on 19 January 2022.

On 23 March 2022 Hanwha Corporation and Hanwha Solutions Corporation announced a new agreement to acquire the remaining 16.67 percent of the shares in REC held by AKH. Completion of this transaction is expected to occur in May 2022. Following this transaction Hanwha Corporation and Hanwha Solutions Corporation will own up to 1/3 of the shares in REC and become the largest shareholder in the company.

This press release is issued by Hanwha Corporation and Hanwha Solutions Corporation. The purpose of the press release is to provide the shareholders of REC with further information ahead of the Extraordinary General Meeting that is scheduled to be held on 2 May 2022 to appoint new members to the board of directors of REC.

The Hanwha group is a leading business enterprise based in South Korea with USD 61 Bn. of revenue and USD 199 Bn. of assets. Hanwha Solutions Corporation, one of the key subsidiaries of the Hanwha group, is an PV supplier and manufacturer globally, operating the largest module production plant in the US and has also a significant presence in Europe through its Q CELLS division.

Q CELLS is a leading supplier with the highest market share in the US residential market and commercial solar market with 24 percent and 21 percent, respectively, and will continue to invest to expand the renewable business in the US.

REC is a polysilicon producer with the lowest CO2 footprint worldwide, with the production facility in Moses Lake being a key asset that is currently not operating due to market distortions.

During 2021 and 2022 market opportunities have increased significantly for REC to play a key role in restoring a domestic solar value chain in the US. This represents a potential for restarting the production of solar grade polysilicon with an ultra-low carbon footprint at the Moses Lake. Hanwha wishes to support the effort to reopen Moses Lake, to assist REC in assuming a position as a corner stone of the US solar supply chain. Hanwha’s ambition is to assist REC to reopen the Moses Lake factory from 2023. In addition, as a well-positioned supplier for silane gas, REC anticipates various investment opportunities with support from Hanwha.

The Extraordinary General Meeting is held to appoint new members to the board of directors to reflect the new ownership situation in REC and Hanwha’s commitment to support the company. Hanwha has nominated four highly qualified candidates, including two senior executives from Hanwha Solutions Corporation and Hanwha Corporation, and two experienced independent directors. The proposed board will be well positioned to take responsibility for the overall management of the company and to ensure that the company maintains sound and proper internal/external control against any potential risks.

Accordingly, it is our pleasure to nominate the board of directors composed as below:

Mr. Koo Yung LeeChairRepublic of KoreaCEO of Hanwha Solutions/
Q CELLS Division
Mr. Maeng Yoon KimDeputy ChairRepublic of KoreaCEO of Hanwha Corporation/Global Division
Dr. Renate Oberhoffer-FritzIndependentGermanyProfessor at Technical University of Munich
Ms. Heike HeiligtagIndependentGermanyInvestor in early phase startups in the energy sector

All four members have significant experience to provide leadership and the right environment to effectively promote the success of the company for the benefit of its shareholders. Hanwha Solutions Corporation and Hanwha Corporation consider that all members are highly effective with a good understanding of the REC’s opportunities as well as managing any risks that come along with the business. The members will be committed to carrying out the business in a responsible way and remain focused on improving the business of REC on behalf of all the shareholders.

For further information, please contact:
Nils O. Kjerstad
IR Contact
Phone: +47 9135 6659

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 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 Fornebu, Norway.

For more information, go to:

To view this piece of content from, please give your consent at the top of this page.
To view this piece of content from, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Kalera - Last day of trading in Kalera AS' shares on Euronext Growth Oslo25.5.2022 08:00:00 CEST | Press release

OSLO, Norway, May 25, 2022 (GLOBE NEWSWIRE) -- Reference is made to the stock exchange announcement published by Kalera AS (the "Company") (Euronext Growth Oslo: KAL, Bloomberg: KSLLF) on 13 May 2022 regarding the merger with its wholly-owned Luxembourg subsidiary Kalera S.A. (the "Merger"). The Merger will become effective upon publication of the minutes from Kalera S.A.'s general meeting approving the Merger in accordance with Luxembourg law. Such publication, and the effectiveness of the Merger, is expected to occur on 27 May 2022 (the "Effectiveness"). The last day of trading in the Company's shares on Euronext Growth Oslo is today, 25 May 2022. A trading suspension will be imposed by the Oslo Stock Exchange following end of trading today, and the trading suspension will remain in force until the Effectiveness. As of the Effectiveness, all of the Company's assets, rights and liabilities will be transferred to Kalera S.A., and the Company will be dissolved and have it shares deliste

Reminder of an Investor Conference Webinar25.5.2022 08:00:00 CEST | Press release

We would like to remind that KN invites shareholders, investors, analysts, and other stakeholders to join its investor conference webinar scheduled on May 27th of 2022 at 9.00 am (EET). The presentation will be held in English. The webinar will be hosted by KN Chief Executive Officer Darius Šilenskis and Chief Financial Officer Mindaugas Kvekšas who will introduce the performance and unaudited financial results of KN for the three months of 2022. How to join the webinar? To join the webinar, please register via following link: will be provided with the webinar link and instructions how to join successfully. When joining the webinar for the first time, you will be asked to register on the Zoom platform. The webinar will be recorded and available online for everyone at the company’s website on and on Nasdaq Baltic account. What is a corporate webinar? A corporate webinar is a virtual conference, du

Saniona publishes its interim report for the first quarter of 202225.5.2022 08:00:00 CEST | Press release

Q12022 (Q12021) Revenue was SEK 6.6 M (3.4 M)Operating loss was SEK -133.2 M (-94.1 M) Net loss was SEK -133.4 M (-83.4 M)Loss per share was SEK -2.14 (-1.34)Diluted loss per share was SEK -2.14 (-1.34) Business highlights in Q1 2022 Saniona initiated the Multiple Ascending Dose (MAD) stage and the Positron Emission Tomography (PET) stage of its Phase 1 trial of SAN711; The ongoing Phase 1 trial is placebo-controlled, and the data remain blinded. Saniona continues to expect data from the trial by mid-2022.Saniona received SEK 7.3 million (US$0.8 million) from Novartis related to Novartis’s January 2021 acquisition of Cadent Therapeutics, in which Saniona held a 3% ownership stake. This payment, in addition to the previously received SEK 24.2 million (US$2.9 million), together complete Saniona’s portion of the upfront payment connected to the acquisition. Saniona may also receive a portion of the remaining SEK 5.1 billion (US$560 million) in contingent payments associated with the achie

Saniona publicerar sin delårsrapport för det första kvartalet 202225.5.2022 08:00:00 CEST | Pressemelding

Q1 2022 (Q1 2021) Intäkter uppgick till 6,6 MSEK (3,4 M)Rörelseresultat uppgick till -133,2 MSEK (-94,1 M) Periodens resultat uppgick till -133,4 MSEK (-83,4 M)Resultat per aktie uppgick till -2,14 SEK (-1,34)Resultat per aktie efter utspädning uppgick till -2,14 SEK (-1,34) Väsentliga händelser under Q1 2022 Saniona inledde upprepad dosering med doseskalering (MAD) samt undersökningar med positronemissionstomografi (PET) i Fas 1-studien med SAN711; den pågående Fas 1-studien är placebokontrollerad och data är fortfarande blindade. Saniona räknar fortsatt med att få tillgång till data från studien under mitten av 2022.Saniona erhöll 7,3 MSEK (0,8 MUSD) från Novartis relaterat till Novartis förvärv av Cadent Therapeutics i januari 2021, där Saniona hade en ägarandel på 3 procent. Denna betalning, utöver de tidigare erhållna 24,2 MSEK (2,9 MUSD), utgör tillsammans Sanionas del av förskottsbetalningen kopplad till förvärvet. Saniona kan också komma att erhålla en andel av de återstående 5

Avance Gas Holding Ltd Reports Unaudited Results for the First Quarter of 202225.5.2022 07:01:00 CEST | Press release

BERMUDA, 25 May 2022 – Avance Gas Holding Ltd (OSE: AGAS or the “Company”) today reported unaudited results for the first quarter 2022. HIGHLIGHTS The average time charter equivalent (TCE) rate was $37,608/day compared to $27,631/day in Q4 2021.Daily operating expenses (OPEX) were $8,459/day, up from $8,139/day in Q4 2021.A&G expenses were $1,126/day, down from $1,351/day in Q4 2021.Net profit of $24.3 million compared to $7.5 million for the fourth quarter 2021, or earnings per share of 32 cent compared to 10 cent for the fourth quarter.During the first quarter 2022, the CEO and the Chairman elected to step-down. The Board resolved to appoint Øystein Kalleklev as Executive Chairman and Jens Martin Jensen as a Director of the Company.During the first quarter 2022, the Company took delivery of Avance Polaris and Avance Capella, the first two of its six dual fuel 91,000 cbm VLGC newbuildings from Daewoo Shipyard in South Korea. The vessels were shortly thereafter delivered on Time Charte