Ferroglobe and REC Silicon Announce MOU to Develop an Built-in Photo voltaic Provide Chain in the USA

Fenika Bench

Information and analysis earlier than you hear about it on CNBC and others. Declare your 1-week free trial to StreetInsider Premium here.


LONDON, June 13, 2022 (GLOBE NEWSWIRE) — Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe” or the “Firm”), a number one producer of silicon steel, silicon-based alloys and manganese-based specialty alloys, is happy to announce a Memorandum of Understanding (“MOU”) with REC Silicon. Beneath the MOU Ferroglobe commits to leverage its asset platform in the USA to produce excessive purity silicon steel to REC Silicon geared toward collectively establishing a low-carbon and totally traceable U.S.-based photo voltaic provide chain.

Current funding by the Hanwha Group into REC Silicon, together with Hanwha Group’s subsidiary Qcells, has sparked the impetus to develop REC Silicon’s long-standing relationship with Ferroglobe and plan for the speedy growth of an end-to-end U.S. photo voltaic provide chain from silicon steel, to polysilicon, all the way in which to completely assembled photo voltaic modules. The influence of such a undertaking would span from Washington State, to Georgia, West Virginia, and past.

Passage of Senator Jon Ossoff’s Photo voltaic Power Manufacturing for America Act as a part of a broad clear power incentive package deal would make such plans instantly doable.

Ferroglobe can be a essential companion in making certain regular provide of totally traceable metallurgical grade silicon steel produced within the U.S. from domestically sourced uncooked supplies and using its extremely expert home workforce. Ferroglobe is among the world’s largest producers of silicon steel and seeks to leverage its technical and operational experience throughout websites in West Virginia, Alabama, and Ohio to assist this effort.

As a number one producer of high-purity electronics and photo voltaic grade polysilicon with property in Moses Lake, Washington and Butte, Montana, REC Silicon is positioned to assist lead the U.S.’s clear power transition. The latest Hanwha funding will allow a re-start of the at present idle Moses Lake plant in 2023 and make obtainable excessive volumes of value aggressive, prime quality, and low carbon photo voltaic grade polysilicon.

The MOU commits the businesses to work collectively to extend U.S. manufacturing and employment at every of the businesses’ affected amenities.

Dr. Marco Levi, Ferroglobe’s Chief Govt Officer, commented, “The photo voltaic business is significant to the way forward for the worldwide power transformation.  I’m grateful for Senator Ossoff’s management on this essential initiative, which can re-shore photo voltaic capability within the U.S., and enhance jobs to assist the financial system. Moreover, we’re excited to collaborate with REC Silicon on this essential initiative. We’ve got had a longstanding relationship with REC, and this MOU aligns each firm’s respective experience and competencies in direction of a typical aim which is essential to the USA.”

“It’s crucial that the photo voltaic manufacturing business grows and diversifies,” stated James A. Could II, CEO of REC Silicon. “REC is dedicated to driving large-scale investments in the USA, and we consider that the passage of SEMA particularly would consequence within the creation of tens of hundreds of high-paying manufacturing jobs throughout the sector, accelerating the U.S. transition to scrub power.”

About Ferroglobe

Ferroglobe PLC is among the world’s main suppliers of silicon steel, silicon- and manganese-based specialty alloys and ferroalloys, serving a buyer base throughout the globe in dynamic and fast-growing finish markets, akin to photo voltaic, electronics, automotive, client merchandise, building and power.  The Firm relies in London.  For extra data, go to http://investor.ferroglobe.com.

Ahead-Trying Statements

This launch accommodates “forward-looking statements” inside the which means of U.S. securities legal guidelines. Ahead-looking statements should not historic information however are primarily based on sure assumptions of administration and describe Ferroglobe’s future plans, methods and expectations. Ahead-looking statements typically use forward-looking terminology, together with phrases akin to “anticipate”, “consider”, “might”, “estimate”, “anticipate”, “forecast”, “steering”, “intends”, “probably”, “might”, “plan”, “potential”, “predicts”, “search”, “will” and phrases of comparable which means or the unfavourable thereof.

Ahead-looking statements contained on this press launch are primarily based on data at present obtainable to Ferroglobe and assumptions that administration consider to be cheap, however are inherently unsure. Because of this, Ferroglobe’s precise outcomes, efficiency or achievements might differ materially from these expressed or implied by these forward-looking statements, which aren’t ensures of future efficiency and contain recognized and unknown dangers, uncertainties and different elements which might be, in some instances, past Ferroglobe’s management.

Ahead-looking monetary data and different metrics offered herein characterize Ferroglobe’s objectives and should not meant as steering or projections for the durations referenced herein or any future durations.

All data on this press launch is as of the date of its launch. Ferroglobe doesn’t undertake any obligation to replace publicly any of the forward-looking statements contained herein to mirror new data, occasions or circumstances arising after the date of this press launch. You shouldn’t place undue reliance on any forward-looking statements, that are made solely as of the date of this press launch.

INVESTOR CONTACT:

Gaurav MehtaExecutive Vice President – Investor Relations[email protected]

MEDIA CONTACT:

Cristina Feliu RoigExecutive Director – Communications, Branding & Public Affairs[email protected]

Supply: Ferroglobe PLC

Primary Logo

Supply: Ferroglobe PLC

Next Post

Crypto agency Celsius pauses transfers, withdrawals as markets tumble

 Cryptocurrency lending agency Celsius Community will pause withdrawals and transfers between accounts attributable to “excessive market circumstances,” the corporate mentioned on Monday, within the newest signal of strain within the crypto business. Bitcoin prolonged earlier declines after Celsius’s announcement, falling greater than 6% to as little as $24,888, an 18-month […]