The management of both entities are now looking forward to starting the integration process with Elkem being particularly keen to contribute to the development of REC and to invest in its further growth as a leading global brand in the solar industry.
“I am proud to join REC at such an exciting time” said REC’s new CEO, Steve O’Neil, who joined the company on March 25th 2015. “The combination of the two companies will provide a strong platform to further develop REC as a leading global provider of solar energy solutions. With predicted solar generation costs as low as 2-4 eurocents per kilowatt hour by 2050, solar is expected to be the world’s most common energy source. By this transaction, we will further boost our pole position in utilizing this incredible potential.”
The two companies are strongly committed to maintaining the high quality of REC’s solar panels and optimising the solar value chain by combining their respective sales strengths. Elkem currently has a strong position in the construction and building segment through its essential microsilica additive. The company has been able to produce high quality grade silicon using 75 percent less energy than conventional production methods. REC will be able to continue reductions in its energy payback time by increasing the share of Elkem Solar Silicon in its manufacturing processes, thereby also lowering its carbon footprint and decreasing solar panel cash costs.
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