Overruled! New progress has been made in the "internal struggle" of the old polysilicon enterprises

Digital New Energy DataBM. Com learned that recently, REC Silicon, a veteran polysilicon company, announced that. Norway's Asker and Belum district courts have ruled against a request by some of the company's shareholders to investigate the termination of a 2010 polysilicon purchase contract between Hanwha and REC Silicon. On June 25,

local time, REC Silicon held a shareholders' meeting. According to the minutes of the meeting, a team of four shareholders requested the shareholders' meeting to investigate the termination of the 10-year polysilicon purchase contract between the company and Hanwha, including but not limited to: the conditions under which Hanwha was allowed to terminate the supply agreement, the identity, location and qualification of the unit that tested the polysilicon to be delivered. Whether the test process is carried out in accordance with the provisions of the supply agreement, the actual results of the test, etc.

According to Solar Power World at the time , minority shareholders of REC Silicon had filed a complaint with the U.S. court asking REC Silicon to provide relevant information. In order to Institute appropriate civil proceedings in Norwegian courts.

The incident occurred in early December 2024, when Hanwha, a shareholder of REC Silicon, terminated a 10-year, $3 billion polysilicon procurement contract with REC Silicon on the grounds of product quality problems.

At that time, REC Silicon's Moses Lake factory in the United States had just restarted for less than three months, and Hanwha's move was a fatal blow to REC Silicon. With no other customers in the United States and limited customers outside of China, the best option is to stop production altogether , REC Silicon said.

However, four months after announcing the termination of the purchase contract with REC silicon, Hanwha announced an offer to acquire all outstanding shares of REC Silicon and take the company private at an offer price of NOK 2.2 per share. This means that the total value of REC Silicon's share capital is NOK 925 million (approximately $92 million).

Hanwha's move was opposed by some shareholders of REC Silicon (referring to Norwegian shareholders), who believed that it underestimated the value of the silicon material company. Water Street Capital, Inc. (Water Street), the second largest shareholder of REC Silicon

at that time, claimed that Hanwha had made misleading statements to other shareholders of REC Silicon's. " (Hanwha) failed to disclose that it had disrupted operations at the Moses Lake plant, laid off experienced employees at the plant, continually changed production procedures, and deliberately caused REC Silicon to fail key tests on the quality of its products as an excuse to terminate the 10-year supply contract".

Water Street said Hanwha was able to start buying cheaply when REC Silicons' share price collapsed after the plant closed in December 2024. On September 4,

local time, REC Silico announced that the tender offer had been completed. According to the company's official website, Hanwha currently holds 60.19% of the company's shares and is its largest shareholder.