Elkem to acquire industrial areas in Norway

Elkem ASA has signed an agreement to acquire REC Solar Norway AS from REC Solar Holdings AS, a subsidiary of Reliance Industries. This transaction will give Elkem control of industrial areas and facilities in Norway, including areas next to Elkem’s activities at Fiskaa in Kristiansand.

“Through this agreement, Elkem secures control of industrial areas and facilities in Kristiansand and at Herøya. This will give us the opportunity to gain local synergies and further develop the Fiskaa site. The transaction will also provide access to attractive facilities for testing and optimisation of products and green production processes near our research center in Kristiansand,” says Håvard Moe, Elkem’s senior vice president for Technology.

Elkem plans to leverage these areas to pursue new, and support existing, opportunities rather than re-starting REC Solar Norway’s previous business model. The transaction will not affect the downsizing process initiated by REC Solar Norway.

The transaction remains subject to necessary approvals, including from the Norwegian Competition Authority.

For further information, please contact:

Odd-Geir Lyngstad
VP Finance & Investor Relations
Tel: +47 976 72 806
Email: odd-geir.lyngstad@elkem.com

Fredrik Norman
VP Corporate Communications & Public Affairs
Tel: +47 918 66 567
E-mail: fredrik.norman@elkem.com

About Elkem
Elkem is one of the world's leading providers of advanced silicon-based materials shaping a better and more sustainable future. The company develops silicones, silicon products and carbon solutions by combining natural raw materials, renewable energy and human ingenuity. Elkem helps its customers create and improve essential innovations like electric mobility, digital communications, health and personal care as well as smarter and more sustainable cities. With a strong track record since 1904, its global team of more than 7,300 people has a joint commitment to stakeholders: Delivering your potential. In 2022, Elkem achieved an operating income of NOK 45.9 billion and CDP ratings of A- on climate and forest. Elkem is listed on the Oslo Stock Exchange (ticker: ELK), where the company is also included in the ESG Index. www.elkem.com