REC Silicon - Announces the extension of a USD 110 million Short Term Loan with Hanwha International LLC

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REC Silicon Inc. has extended its USD 110.0 million short-term loan agreement with Hanwha International LLC, a subsidiary of its major shareholders, to January 24, 2027. This marks the fifth amendment to the original loan, which closed on January 24, 2025. The company acknowledges it lacks sufficient cash to meet its debt service and operating cash flow requirements for the current year without continued shareholder support or additional, yet unfinalized, capital.

Disclaimer*

Moses Lake, Washington, USA - January 26, 2026 - REC Silicon Inc, a wholly owned subsidiary of REC Silicon ASA (“REC Silicon”), announced today that it has extended its existing USD 110.0 million short-term loan agreement with Hanwha International LLC.

Hanwha International LLC is a subsidiary of REC Silicon’s two largest shareholders Hanwha Solutions and Hanwha Corporation.

This loan was extended through a fifth amendment to the existing USD 110.0 million short-term loan, which originally closed on January 24, 2025. It was subsequently amended for the first time on February 5, 2025, for the second time on July 18, 2025, for the third time on August 11, 2025, and for the fourth time on September 3, 2025. The maturity date of the extended loan is January 24, 2027.

REC Silicon does not have sufficient available cash to meet debt service and other anticipated operating cash flow requirements for this year without the continued support of the major shareholder, Hanwha, or additional sources of capital. Therefore, it will soon require additional financing beyond this loan, either from Hanwha or from other sources of capital, none of which have yet been finalized or guaranteed.