REC ASA - Invest in new technology centre

Høvik, September 21, 2007: Renewable Energy Corporation (REC) has decided to invest NOK 210 million in a new technology centre in connection with the wafer plant complex at Herøya in Norway. The new technology center will be dedicated to improving future technologies within the wafer area.
 
The total investment of NOK 210 million will be split between NOK 60 million in new laboratory facilities and NOK 150 million in various types of equipment.
 
"REC has as a target to make solar energy cost-competitive in a large scale without political incentives, and this cannot be accomplished without a continuous focus on innovative new technologies", says Erik Thorsen, President & CEO.
 
REC is currently in the process of constructing two new wafer production plants at the Herøya site, which will add 650 MW of capacity at an investment cost of approximately NOK 2.5 billion. This makes Herøya the largest solar production site globally, and brings REC's total mono- and multi-crystaline wafer production capacity to more than 1.6 GW.
 
"Building the technology centre on the same site ensures closeness to the operating environment and enables us to test new developments in full scale. This state of the art technology centre will also enable us to attract and retain the best people and cutting edge competence needed accomplish our targets", says Ingelise Arntsen, Executive Vice President Wafer.
 
 
About REC
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 polysilicon and wafers for solar applications. REC Solar produces solar cells and solar modules. REC Group had revenues in 2006 of NOK 4,334 million and an operating profit of NOK 1,574 million. Please also see www.recgroup.com
 
For further information please contact:
Ingelise Arntsen, EVP Wafer; +47 913 17 578
Jon Andre Løkke, SVP & IRO; +47 67 81 52 65