Stockholm, October 11, 2006: Renewable Energy Corporation (REC) has, at a Norwegian-Swedish business symposium, received the award as the '2006 Norwegian-Swedish company'. Executive Vice President Thor Christian Tuv in REC Solar proudly accepted the award from the Secretary of State Frode Berge in the Norwegian Ministry of Trade and Industry.
REC ScanModule produces solar modules in Glava in the Värmland region of Sweden. Since the start-up of the plant in 2003, the number of employees has grown to approximately 180 people. The workforce at Glava will increase by another 20 persons under the coming 18 months, as a result of REC's recent decision to invest approximately NOK 100 million to increase the module production from 45 MW to 100 MW. The plant will after the expansion produce ca. 500 000 solar modules per year.
The cross-border business seminar at Operaterrassen in Stockholm is hosted by the Royal Norwegian Embassy, Innovation Norway and the Norwegian-Swedish Chamber of Commerce. The conference has attracted prominent participants such as Urban Bäckström, CEO of the Confederation of Swedish Enterprise (Svenskt Näringsliv), his Norwegian counterpart Finn Bergesen, jr from the Confederation of Norwegian Enterprise (NHO), and deputy CEO Jan Nygren of SAAB AB, Industrial Cooperation.
REC is uniquely positioned in the solar energy industry as the only company with a presence across the entire value chain. REC Silicon and REC Wafer are the world's largest producers of solar grade silicon and wafers for solar applications. REC Solar produces solar cells and solar modules and is gaining market share through strong growth. REC Group had revenues in 2005 of 2,454 MNOK and an operating profit of 601 MNOK. Please also see www.recgroup.com
For more information, please contact;
Thor Christian Tuv, Executive Vice President Solar; +47 959 27 203
Jon Andre Løkke, SVP & Investor Relation Officer, +47 67 81 52 65