- Hanwha Solutions to become the largest shareholder of Norway-based U.S. polysilicon manufacturer REC Silicon after acquiring an additional 4.67% stake from Aker Horizons, increasing total investment to $204 million and ownership share to 21.34%.
- The acquisition is a part of Hanwha’s efforts to rebuild the U.S. solar value chain and supply customers with ‘Made in America’ products. It aims to create well-paying jobs for American workers and secure the supply chain for clean energy technology.
- Key to achieving this ambitious goal is the implementation of a comprehensive manufacturing policy in the U.S., including the landmark Solar Energy Manufacturing for America Act (SEMA). Once implemented, Hanwha will implement a multi-phase, multi-billion-dollar expansion across the full solar energy supply chain.
SEOUL, South Korea, March 23, 2022 /PRNewswire/ — The United States solar industry is at a critical juncture. Despite long-term efforts to decarbonize the electric grid with clean energy, the prospect of doing so with American-made products remains uncertain. Most domestic solar manufacturing facilities have shuttered after decades of struggle, prompting calls across the country to revitalize U.S. businesses dedicated to clean energy manufacturing.
Hanwha Solutions, the Korean energy-to-material company that owns complete energy solutions provider Q CELLS, has ambitious plans to address this. Hanwha announces today a plan to secure capabilities across the full solar technology supply chain, with the goal of creating well-paying jobs, addressing climate change, and strengthening U.S. energy security. Operating the largest module production plant in the United States, Q CELLS is the number one module supplier in the U.S. residential and commercial solar markets and a leading player in the utility sector.
Hanwha launches this effort by becoming the largest shareholder of REC Silicon, a major U.S. manufacturer of polysilicon, the key raw material used to produce solar panels. This investment will help American businesses secure the raw material critical to the solar supply chain as global competition over clean energy sources intensifies in the coming years.
Moving forward, in tandem with the Biden administration’s efforts to incentivize solar manufacturing in America, Hanwha intends to implement a multi-phase, multi-billion-dollar investment plan across the full solar value chain from, polysilicon to solar modules.
“Our commitment to the U.S. is more serious than ever before,” said Justin Lee, CEO of Q CELLS. “We plan to make investments to secure capabilities across the entire solar supply chain, with the goal of supplying our partners with ‘Made in America’ products that will help the U.S. regain its leadership in clean energy solutions.”
Hanwha becomes the largest shareholder of REC silicon to produce “clean polysilicon”
Following its initial $160 million acquisition to acquire a 16.67 percent stake in REC Silicon in January 2022, Hanwha will now become the largest shareholder of REC Silicon by acquiring an additional 4.67 percent stake from Aker Horizons, a sustainability investment firm that had been co-owner of REC Silicon with Hanwha Solutions. The deal is valued at around $44 million.
REC Silicon operates two polysilicon manufacturing facilities in the US: Moses Lake, Washington; and Butte, Montana. Their combined annual production capacity totals 18,000 metric tons (MT), including 16,000 MT of granular, solar grade polysilicon at <span class="…….