REC and Elkem Group announced today that the acquisition of REC has been concluded. The ambition of REC and Elkem is to establish a integrated PV player in solar market. The management of both entities now look forward to starting the integration process.
Steve O'Neil, REC's new CEO who joined the company on March 25, 2015, states: "I am proud to join REC at such an exciting time. The combination of the two companies will provide a strong platform to further develop REC as a leading global provider of solar energy solutions. With predicted solar generation costs as low as 2-4 eurocents per kilowatt hour by 2050, solar is expected to be the world's most common energy source. By this transaction, we will further boost our pole position in utilizing this incredible potential."
Elkem looks forward to contribute to the development of the existing organization of REC and to invest in its further growth. Both companies are strongly committed to maintaining REC's solar panels, optimizing the solar value chain and combining their sales strengths.
"We are pleased to welcome REC into the Elkem Group and look forward to start integrating the value chain between Elkem Solar and REC. By doing this, we are establishing a leading integrated player in the solar market. The two companies have developed a strong business relationship, there is a good strategic match and we share a Norwegian corporate culture and heritage," says Helge Aasen, CEO of Elkem.