Norway-based silicon producer Elkem Group has completed its acquisition of solar panel manufacturer REC Group, also headquartered in Norway.
The management of both entities says they will focus on the integration process, which will involve REC incorporating more of Elkem's solar silicon into its photovoltaic products. Elkem says the cost of its silicon relative to that produced using fluidized bed reactor or Siemens processes will help bring the cost of REC's PV panels down.
‘I am proud to join REC at such an exciting time,’ says Steve O'Neil, who came aboard as CEO in March. ‘The combination of the two companies will provide a strong platform to further develop REC as a leading global provider of solar energy solutions.’