Press release

Published: 2nd of September 2013

Norwegian Crystals AS, a newly established solar energy company, has acquired a production facility in Glomfjord, Norway.

The production facility will produce mono-crystalline silicon blocks. The seller of the facility is the bankruptcy trustee from REC Wafer Norway AS.

Norwegian Crystals has successfully run test production earlier this year, and is in qualification process with several customers.

The company has recently raised NOK 82 million in a financing round where both Norwegian and international investors participated.

«We have acquired the mono facility in Glomfjord», says CEO Mr Reidar Langmo. Langmo is also known as one of the founders of the listed solar company REC. «We have worked hard to achieve this, and we are excited that we can finally start production. We will produce mono-crystalline silicon blocks that form the basis of high efficiency PV modules. The facility in Glomfjord has a capacity of roughly 200 MW, and we expect to have 60-70 employees in total when we are up to full capacity utilization», says Langmo.

The investors in Norwegian Crystals have broad experience from the PV industry and other renewable energy sectors. Mr Tore Schiøtz, Chairman in Norwegian Crystals and also former Chairman in REC, represents the venture investment fund Energy Future Invest, one of the main shareholders in Norwegian Crystals. Also the management group has their background from REC.

Norwegian Crystals will produce mono-crystalline silicon blocks in Glomfjord. Silicon blocks form the basis of more than 90% of the global demand for PV modules. The blocks are made from polysilicon, which is melted and crystallized into ingots, before the ingots are cut into blocks. The blocks are then processed into wafers, cells and modules by Norwegian Crystals´ contract manufacturing partners. The end product is sold under the brand name Norwegian Crystals. The company is currently ramping up production in order to reach full capacity utilization early 2014.

«In Norway we possess world leading competence within crystallization processes, we have cheap and clean hydro electric power, very low cost cooling water, and the facility in Glomfjord is state-of-the-art in the industry. We will be the best producer of silicon blocks, both from a cost and quality perspective», says Langmo.

Facts about Norwegian Crystals:
Established: July 2012. Business: Production and sales of high-efficiency mono-crystalline silicon blocks, wafers and modules. Largest shareholders: Energy Future Invest AS, Rebelijo AS, Global Cleantech Capital, Furuholmen.
Offices: Head office in Oslo, Norway, production in Glomfjord, Norway.
Employees: 7, currently recruiting operating personnel in Glomfjord.

Contact persons for media:
Reidar Langmo, CEO, phone +47 90689160 or email reidar.langmo@crystals.no. Erik Bjørstad, CFO, phone +47 92040989 or email erik.bjorstad@crystals.no.

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