On June 25, Water Street, the second largest shareholder of REC Silicon, a veteran polysilicon manufacturer, said it was investigating the termination of Hanhua's 10-year polysilicon procurement contract with it in December 2024 and launching an investigation into the closure of the Moses Lake polysilicon plant in Washington State. Minority shareholders of REC Silicon have petitioned a US court, claiming that Hanwha deliberately obstructed the business of the plant in order to gain full ownership.
Moses Lake plant was built in 1984, with a capacity of 16000 tons per year, shut down in March 2019, closed in March 2020, restarted in September 2024 under the impetus of Hanhua, and received a report of "unqualified qualification test" from customers (Hanhua) in less than three months due to product quality problems. The Moses Lake factory had no choice but to stop production. In April
2025, Hanwha announced an offer to acquire REC Silicon and privatize it for 2.2 Norwegian kroner per share at a total price of 925 million Norwegian kroner (about $92 million). The board of directors recommended that shareholders accept it, but Norwegian minority shareholders opposed it. The second shareholder, Water Street, said that Hanwha had misled shareholders and destroyed its operation so that it failed the test and took the opportunity to buy at a low price. Hanwha said that it would not lend until the offer was completed, and that the acceptance period would be extended to 16:30 on July 8, 2025 and the price would remain unchanged.
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