The step-down wholly-owned subsidiary of India's Reliance Industries Limited (RIL), REC Solar Holdings has sold 100% stake in REC Solar Norway to Norwegian silicon producer Elkem. RIL will continue to retain the technology and intellectual property (IP) rights pertaining to kerf-based polysilicon operated by REC Norway.
Elkem produces silicon for polysilicon applications in the solar PV industry. The $22 million cash deal transfers REC Solar's industrial sites and facilities in Norway to Elkem, including areas next to the latter's activities in Fiskaa in Kristiansand. REC reportedly shuttered its Norwegian operations in November 2023.
Under the deal, Elkem gets control of the industrial areas and facilities in Kristiansand and at Herøya. It plans to leverage these sites to 'pursue new, and support existing, opportunities rather than re-starting REC Solar Norway's previous business model.'
While Elkem did not divulge any details about its plans for REC Solar Norway's sites, it has been working on a new concept to produce CO2-free silicon that it hopes to become a game changer for the global silicon industry (see CO2 Free Silicon For Solar Industry).
Elkem's senior vice president for Technology, Håvard Moe said, "This will give us the opportunity to gain local synergies and further develop the Fiskaa site. The transaction will also provide access to attractive facilities for testing and optimization of products and green production processes near our research center in Kristiansand."
RIL acquired Norwegian heterojunction (HJT) cell & module manufacturer and polysilicon producer REC Group in October 2021 from its Chinese owner China National Bluestar for $771 million (see India's Mukesh Ambani Goes Solar Shopping).
It will continue to own REC Solar Holdings AS and its subsidiaries in the business of HJT cell & module manufacturing and sales. RIL is building an HJT solar cell & module Gigafactory in India (see Reliance Announces Power Electronics Giga Fab).
The winner of European Commission's 2nd Innovation Fund round of July 2022 for its 4 GW HJT solar panel factory in France, REC put these plans on hold citing market conditions in December 2022 (see REC Group's French Heterojunction Factory Plans 'On Hold').