REC (Oslo, Norway), the largest European supplier of solar photovoltaic (PV) panels world-wide, and the Norway-based Elkem Group on May 13th, 2015 announced that the acquisition of REC has been concluded.
The ambition of REC and Elkem, a world-leading producer of silicon among other businesses, is to establish a leading integrated PV player in a highly fragmented solar market. The management of both entities now looks forward to starting the integration process.
New REC CEO Steve O’Neil: “By this transaction, we will further boost our pole position in utilizing this incredible potential”
“I am proud to join REC at such an exciting time. The combination of the two companies will provide a strong platform to further develop REC as a leading global provider of solar energy solutions,” comments Steve O’Neil, REC’s new CEO who joined the company on March 25th, 2015.
“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.”
Elkem to increase its share of solar silicon in REC’s manufacturing of PV panels
Elkem looks forward to contribute to the development of the existing organization of REC and to invest in its further growth as a leading global brand in the solar industry.
Both companies are strongly committed to maintaining the high-quality of REC’s solar panels, optimizing the solar value chain and combining their sales strengths, such as Elkem’s strong position in the construction and building segment through its essential microsilica additive.
Thanks to extensive R&D efforts, Elkem Solar is offering high-quality solar grade silicon compared to material from FBR or Siemens process, while at the same time consuming 75% less energy than conventional production methods.
By increasing the share of Elkem Solar Silicon in REC’s manufacturing of solar panels, REC will continue to reduce its leading energy payback time and CO2footprint as well as further decrease solar panel cash costs in line with the expected global solar technology progress.
“We are pleased to welcome REC into the Elkem Group and look forward to start integrating the value chain between Elkem Solar and REC. By doing this, we are establishing a leading integrated player in the solar market. The two companies have developed a strong business relationship, there is a good strategic match and we share a Norwegian corporate culture and heritage,” says Helge Aasen, CEO of Elkem.
2015-05-14 | Courtesy: REC/ELKEM | solarserver.com © Heindl Server GmbH
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