REC named as a 'world-changing' business

Expansion groundbreaking ceremony set for Aug. 15

OSLO, Norway — The parent company of Moses Lake-based REC Silicon recently received kudos from an economically-minded Web site.

SustainableBusiness.com announced last week the 2006 SB20 list — 20 companies changing the world for the better. The list is presented in the Progressive Investor newsletter, published by the Web site, which tracks stocks in an "emerging marketplace," according to a World-Wire release.

"Our goal is to create a list that showcases public companies that, over the past year, have made substantial progress toward sustainability within their business or are leading the way with a technology that can significantly contribute to a sustainable society," said Rona Fried, SustainableBusiness.com CEO and editor of Progressive Investor, in a statement.

To choose the 20 companies that make up the list, 12 leading social or environmental analysts nominated companies and four served as judges to make the final decisions.

According to the release, renewable energy is the hottest sustainable business sector this year, with over half of this year's list consisting of leaders in wind, solar, geothermal, biomass and efficiency.

From the solar sector, Oslo-based REC was selected with Conergy and SunPower because of their unique contributions.

"REC stands out as the most vertically integrated solar company, producing silicon, wafers, cells and modules," the release states.

When reached by telephone, REC Silicon CEO Goran Bye said he was not aware of the announcement, but called it "flattering."

"We don't go to work every day thinking we should change the world," he said, noting that solar energy is a hot topic these days, as many think it will continue to alleviate dependence on fuels.

Tor Hartmann, REC Silicon vice president, also was not aware of the Web site's announcement, but said the Moses Lake operation was working on its $600 million expansion, announced in May, "as hard and as fast as we can."

Mechanical completion of the new plant is expected by the end of the first quarter in 2008, with final completion and ramp-up of production in the third quarter of that same year.

Hartmann added that an estimate was expected to be completed within the next few weeks, and a groundbreaking ceremony is scheduled for 11 a.m. Aug. 15.

Earlier this year Bye noted REC began listing on the Oslo Stock Exchange for the first time May 10, which increases the company's visibility in the global financial community.