REC Secures Contract to Supply Wafers to Sharp

REC’s subsidiary, REC ScanWafer, entered into a long-term agreement with Sumitomo Corporation for the supply of multicrystalline silicon wafers to Sharp, worth approximately NOK 3.1 billion [US$ 474 million] over the next six years.

“This significant sales agreement is further evidence of REC’s strong commitment to growth and we look forward to working together with Sharp. We are also pleased to extend our cooperation with Sumitomo Corporation into multicrystalline wafers,” said Erik Thorsen, president and CEO of REC ASA. Sumitomo Corporation of Japan, with whom REC has a business relationship in polysilicon and monocrystalline wafers, will act as REC’s commercial representative. Sharp has solar cell and module manufacturing facilities in Japan as well as solar module manufacturing facilities in the UK and the U.S. REC will double its current wafer production capacity to approximately 600 MW. As additional polysilicon becomes available from the expansion projects in REC Silicon, the contract portfolio of REC now forms the basis for further wafer expansion projects.

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