Norwegian billionaire named REC board chair

OSLO — At an extraordinary meeting of REC Silicon shareholders Thursday, Norwegian billionaire Kjell Inge Røkke — the second-richest man in Norway — was elected chairman of the company’s board of directors.

According to a statement by the Norway-based company, Røkke and the proposed new board of directors received 95.3% of the votes cast — 147 million shares — while 4.7% of shareholders — 7.3 million — voted against.

Joining Røkke on the company’s board are Annette Malm Justad, who becomes deputy chair, current board member Auden Stensvold and Lene Landøy.

According to Forbes, Røkke owns 67% of Aker ASA and has a net worth of $5.4 billion, making him the second-wealthiest man in Norway and the 1,267th richest man in the world. Through his company Aker Horizons, Røkke is also the largest single shareholder in REC, owning 24.7% of the company’s outstanding shares.

According to REC, only 154.3 million shares voted in the election out of a total of 372.4 million, for a participation of 41.4%.

REC makes silicon in U.S. plants in Moses Lake and Butte, Montana, for use in the manufacturing of solar panels, integrated circuits and flat panel displays. The Moses Lake facility has been shuttered for nearly two years following a lengthy trade dispute with China.

A series of deals to provide silicon for improved rechargeable batteries and an announcement from Oregon-based startup Violet Power to create a solar panel factory here have raised the potential for REC reopening the Moses Lake Plant.

However, despite an initial announcement last year to start work this year, Violet Power has since provided no details or timeline on its startup plans.

Charles H. Featherstone can be reached at cfeatherstone@columbiabasinherald.com.