REC Silicon to appoint new board of directors in August

Key points: 

REC Silicon will appoint a new board of directors, including a new board chair, at a meeting in early August.  

REC Silicon has received a loan from Hanwa Group to meet its obligations through early August.  

MOSES LAKE — An offer from the biggest shareholder in REC Silicon to buy all outstanding shares has been accepted by the company’s board of directors.  

“On 11 July, (Anchor AS) announced that it had received acceptances which, together with shares held by (the Hanwa Group), represented 43.94% of the issued and outstanding shares in (REC Silicon),” according to a REC Silicon press release. “On 14 July, (Anchor AS) announced that the voluntary offer had been completed and that a mandatory offer will be launched within the deadline set out in the Norwegian Securities Act.” 

Anchor AS is a subsidiary of the Hanwa Group.  

REC Silicon directors announced in a press release issued Friday that Hanwa loaned the company $6.5 million, allowing it to continue operating through the first week of August. 

“REC Silicon does not have sufficient available cash to meet debt service and other anticipated operating cash flow requirements for the year without the continued support of the major shareholder, Hanwa, or additional sources of capital,” the press release said. “Therefore, it will soon require additional financing beyond this loan, either from Hanwa or from other sources of capital.” 

Chuck Sutton, REC vice president for polysilicon sales and government relations, did not respond to a question from the Columbia Basin Herald about the fate of the Moses Lake facility. It closed in January. 

Kurt Levens, REC Silicon's president and chief executive officer, wrote in the 2024 annual report, issued in June 2025, that the company is still considering the option of reopening its Moses Lake plant. 

“While our primary focus is on silicon gas production at Butte, we are also preserving the optionality of restarting the Moses Lake silane facility when market demand, particularly from silicon anode manufacturers or other emerging applications, reaches a level that justifies resuming production. Although this may take time to materialize, we are proactively taking the necessary steps now to ensure a seamless and successful restart when the opportunity arises,” Levens said.   

The board of directors elected during the company’s annual general meeting June 25 may be replaced in the first week of August.  

“The board has, recognizing the situation with Hanwa as the only realistic provider of necessary financial support and to accommodate such critical support from Hanwa, considered the election of a new board to be in the best interest of the company and its shareholders,” the release said. “Hanwa has informed the board of its intention to propose a new board of directors to be elected at an extraordinary general meeting to be held during the week (of) Aug. 4.” 

The Hanwa proposal will also include a new board chairman, the release said. 

The Moses Lake facility produced polysilicon materials. It was closed in 2019 and partially reopened in 2022. According to a previous report in the Columbia Basin Herald, the restart was the result of an agreement with Hanwa Solutions, a solar panel maker in South Korea. Hanwa Solutions purchased about 21% of REC in late 2021 and early 2022. 

    REC Silicon President Kurt Levens said in the company’s annual 2024 report that REC is working to keep open the possibility of reopening its Moses Lake facility.