The Norway-based Elkem Group’s acquisition of REC, an European supplier of solar panels, has been concluded. REC and Elkem aims to establish an integrated PV player in the competing solar market.

The acquisition was first announced in 2014 and was completed in May 2015. Steve O’Neil, REC’s new CEO who joined the company on March 25, 2015, states: “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 as a leading global brand in the solar industry. They will maintain the high-quality of REC’s solar panels, optimize the solar value chain and combining their sales strengths, such as Elkem’s strong position in the construction and building segment through its essential microsilica additive.

Elkem Solar offers high-quality solar grade silicon compared to material from FBR or Siemens process, while at the same time consuming 75% less energy than conventional production methods. By increasing the share of Elkem Solar Silicon® in REC’s manufacturing of solar panels, REC will continue to reduce its leading energy payback time and CO2 footprint as well as further decrease solar panel cash costs in line with the expected global solar technology progress.

“We are pleased to welcome REC into the Elkem Group and look forward to start integrating the value chain between Elkem Solar and REC,” says Helge Aasen, CEO of Elkem.