Shareholders of the Norwegian integrated solar manufacturer Renewable Energy Corporation ASA have approved the split of the company and the sale of the solar division to REC Solar ASA.
After the approval of the sale of the company’s solar division to REC Solar ASA, the shareholders also agreed upon the name change of Renewable Energy Corporation’s remaining business to REC Silicon ASA as established at the meeting on Monday.
By spinning off REC Silicon, Renewable Energy Corporation hopes to position the company for favorable long-term results. REC Silicon will position itself for growth based on the proprietary technology that is used for the production of granular polysilicon as well as the diversified product offerings it has through electronic grade and float zone polysilicon and silane gas. Ole Enger is expected to be the CEO of REC Silicon which will have its headquarters in Norway initially as the company’s investor presentation shows.
At the meeting held on Monday in Oslo, shareholders of 951,831,135 shares corresponding to approximately 41.14% of the share capital were represented.