Ferroglobe and REC Silicon Announce MOU to Develop an Integrated Solar Supply Chain in the United States
June 13 2022 - 6:00AM
Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe” or the “Company”), a
leading producer of silicon metal, silicon-based alloys and
manganese-based specialty alloys, is pleased to announce a
Memorandum of Understanding (“MOU”) with REC Silicon. Under the MOU
Ferroglobe commits to leverage its asset platform in the United
States to supply high purity silicon metal to REC Silicon aimed at
jointly establishing a low-carbon and fully traceable U.S.-based
solar supply chain.
Recent investment by the Hanwha Group into REC Silicon, in
conjunction with Hanwha Group’s subsidiary Qcells, has sparked the
impetus to expand REC Silicon’s long-standing relationship with
Ferroglobe and plan for the immediate development of an end-to-end
U.S. solar supply chain from silicon metal, to polysilicon, all the
way to fully assembled solar modules. The impact of such a project
would span from Washington State, to Georgia, West Virginia, and
beyond.
Passage of Senator Jon Ossoff’s Solar Energy Manufacturing for
America Act as part of a broad clean energy incentive package would
make such plans immediately possible.
Ferroglobe will be a critical partner in ensuring steady supply
of fully traceable metallurgical grade silicon metal produced in
the U.S. from locally sourced raw materials and utilizing its
highly skilled domestic workforce. Ferroglobe is one of the world’s
largest producers of silicon metal and seeks to leverage its
technical and operational expertise across sites in West Virginia,
Alabama, and Ohio to support this effort.
As a leading producer of high-purity electronics and solar grade
polysilicon with assets in Moses Lake, Washington and Butte,
Montana, REC Silicon is positioned to help lead the U.S.’s clean
energy transition. The recent Hanwha investment will enable a
re-start of the currently idle Moses Lake plant in 2023 and make
available high volumes of cost competitive, high quality, and low
carbon solar grade polysilicon.
The MOU commits the companies to work together to increase U.S.
production and employment at each of the companies’ affected
facilities.
Dr. Marco Levi, Ferroglobe’s Chief Executive Officer, commented,
“The solar industry is vital to the future of the global energy
transformation. I am thankful for Senator Ossoff’s leadership
on this important initiative, which will re-shore solar capacity in
the U.S., and increase jobs to help the economy. Furthermore, we
are excited to collaborate with REC Silicon on this important
initiative. We have had a longstanding relationship with REC, and
this MOU aligns both company’s respective expertise and
competencies towards a common goal which is critical to the United
States.”
“It is imperative that the solar manufacturing industry grows
and diversifies,” said James A. May II, CEO of REC Silicon. “REC is
committed to driving large-scale investments in the United States,
and we believe that the passage of SEMA in particular would result
in the creation of tens of thousands of high-paying manufacturing
jobs across the sector, accelerating the U.S. transition to clean
energy.”
About Ferroglobe
Ferroglobe PLC is one of the world’s leading suppliers of
silicon metal, silicon- and manganese-based specialty alloys and
ferroalloys, serving a customer base across the globe in dynamic
and fast-growing end markets, such as solar, electronics,
automotive, consumer products, construction and energy. The
Company is based in London. For more information,
visit http://investor.ferroglobe.com.
Forward-Looking Statements
This release contains “forward-looking statements” within the
meaning of U.S. securities laws. Forward-looking statements are not
historical facts but are based on certain assumptions of management
and describe Ferroglobe’s future plans, strategies and
expectations. Forward-looking statements often use forward-looking
terminology, including words such as “anticipate”, “believe”,
“could”, “estimate”, “expect”, “forecast”, “guidance”, “intends”,
“likely”, “may”, “plan”, “potential”, “predicts”, “seek”, “will”
and words of similar meaning or the negative thereof.
Forward-looking statements contained in this press release are
based on information currently available to Ferroglobe and
assumptions that management believe to be reasonable, but are
inherently uncertain. As a result, Ferroglobe’s actual results,
performance or achievements may differ materially from those
expressed or implied by these forward-looking statements, which are
not guarantees of future performance and involve known and unknown
risks, uncertainties and other factors that are, in some cases,
beyond Ferroglobe’s control.
Forward-looking financial information and other metrics
presented herein represent Ferroglobe’s goals and are not intended
as guidance or projections for the periods referenced herein or any
future periods.
All information in this press release is as of the date of its
release. Ferroglobe does not undertake any obligation to update
publicly any of the forward-looking statements contained herein to
reflect new information, events or circumstances arising after the
date of this press release. You should not place undue reliance on
any forward-looking statements, which are made only as of the date
of this press release.
INVESTOR CONTACT:
Gaurav MehtaExecutive Vice President - Investor
Relationsinvestor.relations@ferroglobe.com
MEDIA CONTACT:
Cristina Feliu RoigExecutive Director – Communications, Branding
& Public Affairscorporate.comms@ferroglobe.com
Source: Ferroglobe PLC
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