Revenue of REC Silicon in the second quarter grows qoq, EBITDA falls excluding loan write-offs



July 27 (Renewables Now) – Norwegian polysilicon and silicon gas producer REC Silicon ASA increased revenues in the second quarter of 2021 to $ 35.6 million (€ 30.2 million) from $ 28 million in the first quarter of the year.

Earnings before interest, taxes, depreciation and amortization (EBITDA) increased to US $ 7.9 million from US $ 4 million in the previous quarter, but this was due to the write-off of US $ 8.3 million on loans guaranteed by the US government in accordance with with the CARES Law. …

In the semiconductor materials segment, sales of polysilicon rose to 466 tonnes from 227 tonnes in the first quarter, reflecting strong growth in semiconductor-grade polysilicon sales, while sales of solar polysilicon remained relatively flat at 91 tonnes. In the segment of materials for solar energy, 18 tons of polysilicon were sold from the remaining reserves of granular polysilicon.

REC Silicon currently operates its semiconductor materials plant in Butte, Montana after its Moses Lake, Washington facility was closed in 2019 due to Chinese tariffs on polysilicon produced in the US, and difficult market conditions.

“REC Silicon is exploring the renewable energy opportunities created by President Biden to leverage proven FBR technology to provide low-cost, low-carbon polysilicon to the solar energy value chain,” said CEO Thor Thorvund. “The US solar value chain will support the transition to renewable energy, create high-paying US jobs and lead to the restart of the REC Silicon Moses Lake plant,” the CEO added.

($ 1.0 = € 0.848)


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