New laws will boost REC Silicon bottom line

OSLO, Norway — Despite posting a loss for the second quarter of 2022, REC Silicon President and CEO James May said the restart of the company’s solar-grade polysilicon production facility in Moses Lake is looking better than originally forecast, thanks largely to major federal legislation aimed at creating and supporting solar power component production in the United States. Speaking during a conference call late Tuesday — early Wednesday morning in Norway, where the company has its headquarters and is publicly traded — May said REC Silicon is also negotiating an arrangement to sell 100% of its solar-grade polysilicon output to South Korean solar panel maker Hanwha Solutions, and expects that deal will be finalized later this year. “Moses Lake restart is looking better and better,” May said during the conference call.