Renewable Energy Corporation ASA signs NOK4.8bn polysilicon contract with SUMCO Corporation

Nordic Business Report, March 21, 2007

NORDIC BUSINESS REPORT-21 March 2007-Renewable Energy Corporation ASA signs NOK4.8bn polysilicon contract with SUMCO Corporation(C)1994-2007 M2 COMMUNICATIONS LTD http://www.m2.com

Norwegian solar technology group Renewable Energy Corporation ASA (REC) said on Wednesday (21 March) that it has secured a long-term contract for polysilicon from SUMCO TECHXIV Corporation (formerly Komatsu Electronic Metals), a subsidiary of SUMCO Corporation.

The contract, valued at approximately NOK4.8bn over seven years, replaces and expands a previous contract.

"This agreement strengthens the relationship between two global market leaders. REC is the world's largest PV-company, while SUMCO is the second largest manufacturer of silicon wafers for electronic applications. By executing this contract, REC Silicon will achieve more operational flexibility than the former agreement allowed, which will enable product mix changes and further optimisation of production," said Goran Bye, executive vice president of REC.

Renewable Energy, headquartered in Oslo, Norway, is the world's largest producer of solar grade polysilicon and wafers, as well as a significant producer of solar cells and modules. The company has operations in Norway, South Africa, the US and Sweden. Renewable Energy Corporation is listed on the Oslo Stock Exchange and traded under the ticker REC.

One British pound (GBP) is worth approximately 11.93 Norwegian kroner (NOK).

((Comments on this story may be sent to nbr.feedback@nordicbusinessreport.com))