REC Silicon's planned Moses Lake reopening underpinned by Inflation Reduction Act, chief executive officer claims

• REC Silicon is progressing with efforts to restart procedures at its Moses Lake polysilicon production center in the United States, a step the firm claimed is underpinned by the passage of the country's Inflation Reduction Act (IRA).

The Norwegian polysilicon maker plans to start production at the 18,000 MT Moses Lake plant, in Washington state, in Q4 2023 and also get to 100% capacity utilisation at the facility by the end of 2024.

Adjustment of fluidised bed reactor (FBR) technology at the site is presently underway, as the business proceeds with products as well as tools procurement and also employs for positions crucial to restarting activities.

With President Biden authorizing the Inflation Reduction Act into regulation the other day, REC Silicon CEO James May stated the company's US-based manufacturing centers "are preferably positioned to make certain that the objectives of this landmark regulations are realised".

He added: "The passage of this regulation underpins REC Silicon's decision to restart 100% of our FBR production. Efforts are well underway to restart our Moses Lake facility."

Included in the regulations is an Advanced Manufacturing Production Credit for PV components, with solar-grade polysilicon eligible for US$ 3/kg credit.

Posting its Q2 2022 results today, REC Silicon reported polysilicon sales of 471MT, a 3% decline on the very same quarter last year.

While incomes increased 26% year-on-year to US$ 45 million, the firm published an EBITDA loss of US$ 1.1 million.

Previously this year South Korean chemical company Hanwha Solutions raised its stake in REC Silicon to 21.34%.

REC Silicon because said the financial investment "has actually triggered the impetus" to plan for the advancement of an end-to-end US solar supply chain.

The company revealed a handle June with silicon metal service provider Ferroglobe that entails the settlement of a basic material supply arrangement in between the pair.