REC Silicon – Property Tax Dispute Settled for All Years with Grant County, Washington

Moses Lake, Washington – October 14, 2020: REC Silicon ASA (REC Silicon)

REC Silicon entered into a settlement agreement with Grant County, Washington on October 14, 2020 settling its property tax dispute for the Moses Lake production facility for tax years 2012 through 2015, subsequent years of property taxes are not in dispute.

REC Silicon agreed as part of the settlement to pay Grant County USD 3 million by December 15, 2020 and USD 1.75 million each year for the next six years. The settlement is expected to result in a decrease in total liabilities of USD 17.6 million and have a positive non-cash impact on EBITDA of approximately USD 16.0 million which will be reported in the third quarter 2020 financial results.

James A. May II, Chief Financial Officer
REC Silicon ASA
Phone: +1 509 989 1023

Nils O. Kjerstad
IR Contact Europe
Phone: +47 9135 6659

About REC Silicon
REC Silicon is a leading producer of advanced silicon materials, delivering high-purity polysilicon and silicon gas to the solar and electronics industries worldwide. We combine over 30 years of experience and proprietary technology with the needs of our customers, and annual production capacity of more than 20,000 MT of polysilicon from our two US-based manufacturing plants. Listed on the Oslo Stock Exchange (ticker: REC), the company is headquartered in Lysaker, Norway.
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This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.