REC Silicon raises $20 million through private placement
The polysilicon maker said it will use the funds to improve its liquidity situation until access to the Chinese polysilicon market is restored. It sold 254,381,870 shares, which corresponds to approximately 9.9% of its oustanding capital.
REC Silicon to suspend production at Moses Lake poly factory
Norway-headquartered REC Silicon has revealed plans to halt operations at its Moses Lake facility in the U.S. in 17 days’ time. The company says it has taken the decision to maintain liquidity for its semiconductor business with American workers set to pay the price for President Trump’s trade war with China.
REC Silicon posts loss for second quarter running amid poly market slump
The Norwegian polysilicon producer posted an EBITDA loss of $6.1 million for the third quarter of 2018, as it continues to struggle with low demand and prices. Revenue for the company’s solar materials segment fell almost 70% on the previous quarter.
US members of congress warn of REC Silicon plant closure
A group of U.S. senators and representatives from Washington and Montana led by the top democrat on the U.S. Senate Energy and Natural Resources committee are calling on President Trump to negotiate with China and save REC’s Moses Lake facility.
REC Silicon hit by falling demand in Q2
Norway headquartered polysilicon producer, REC Silicon posted a loss of US$9.6 million for the second quarter of 2018, amid reduced production and increasing inventory. The company’s Solar Materials segment was responsible for much of these losses, with decreased demand and ongoing trade wars cited as the cause.
Norway’s REC Silicon lays off 40% of US workforce, reduces production
REC Silicon ASA has announced that it will today lay off around 100 employees from its workforce based in Washington, the U.S., and reduce production, as a “direct result” of the trade dispute between the U.S. and China.
REC Silicon swings to profit in Q1 2018
The Norwegian headquartered polysilicon manufacturer saw its revenue and shipments increase significantly year-on-year. The global polysilicon market, the company stressed, is still dominated by long-term fixed sales contracts and high polysilicon inventory levels.
China: REC Silicon reduces stake in 20,000 MT polysilicon JV
The Norwegian polysilicon producer saw its stake in the joint venture (JV) with Chinese silicon material manufacturer, NSF reduced, after the latter agreed to provide all of REC Silicon’s outstanding capital contribution for the project.
REC Silicon sees 38% sales increase in Q3
Leading polysilicon producer REC Silicon posted revenue of $75.5 million in the third quarter – 23% above the previous quarter. REC saw a 38.2% increase in sales volume, despite polysilicon production for the quarter coming in slightly below guidance.
REC Silicon lays off 30 employees at US plant
Norway’s REC Silicon has announced that it will lay off around 30 employees at its polysilicon factory in Butte, in the U.S. state of Montana.
