Reliance Industries Ltd. has accomplished. (RIL) is promoting REC Solar Holdings’ kerf-based polysilicon manufacturing division, REC Solar Norway, to Elkem ASA. However, it’ll retain the expertise and mental property rights of the kerf-based polysilicon.

Mukesh Ambani, the most important shareholder of Reliance Industries

Image: Reliance Industries

From pv journal India

RIL introduced that its REC Solar Holdings AS unit has accomplished the sale of its kerf-based polysilicon manufacturing division, REC Solar Norwa,y to Elkem ASA, an Oslo-listed, silicon-based materials provider.

The announcement follows RIL’s disclosure in January in regards to the signing of a share buy settlement between REC Solar Holdings and Elkem ASA. Under the phrases of the deal, REC Solar Holdings agreed to promote a 100% fairness stake in REC Solar Norway AS (REC Norway) for an combination money consideration of $22 million.

Notably, REC Norway closed its polysilicon manufacturing operations in Kristiansand and Porsgrunn, Norway, in November 2023.

“We have reached a degree the place sadly it isn’t doable to make high-purity silicon in Norway viable,” stated REC CEO Jan Enno Bicker on the time.

RIL will retain the expertise and mental property rights of kerf-based polysilicon after completion of the sale to REC Solar Norway. REC Solar Holdings AS and its subsidiaries stay subsidiaries of RIL.

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