REC Silicon to negotiate raw material supply deal with Mississippi Silicon

• REC Silicon ASA (OSE: REC) has actually entered into a memorandum of understanding (MOU) with Mississippi Silicon LLC as the primary step in negotiating a raw material supply deal that will support the establishment of a low-carbon as well as fully-traceable solar supply chain in the United States.

The Norwegian polysilicon manufacturer, which means to resume its presently idle Moses Lake facility in Washington next year, introduced the signing of this deal on Monday. It stated in a statement that the current passage of Legislator Jon Ossoff's Solar power Manufacturing for America Serve as part of the Inflation Reduction Act (IRA), promotes plans to create an end-to-end US solar supply chain from raw silicon, to polysilicon, and also ultimately completely assembled solar panels.

The primary column in REC Silicon's endeavor is the formerly announced commitment by significant shareholder Hanwha Solutions Corp (KRX:009830) of South Korea to perform a multi-phase, multi-billion-dollar financial investment strategy.

Mississippi Silicon is a manufacturer of raw silicon metal that runs a plant in Burnsville, Mississippi. It is a collaboration in between majority proprietor Rima Holding United States Inc as well as Clean Tech I LLC.