Elkem acquires REC Solar Norway , bolstering its portfolio of industrial areas and facilities in Norway, with the goal of utilizing local synergies and optimizing green production processes; the move won't impact REC Solar Norway's ongoing downsizing

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January 15, 2024 (press release) –

Elkem ASA has signed an agreement to acquire REC Solar Norway AS from REC Solar Holdings AS, a subsidiary of Reliance Industries. This transaction will give Elkem control of industrial areas and facilities in Norway, including areas next to Elkem’s activities at Fiskaa in Kristiansand.

“Through this agreement, Elkem secures control of industrial areas and facilities in Kristiansand and at Herøya. This will give us the opportunity to gain local synergies and further develop the Fiskaa site. The transaction will also provide access to attractive facilities for testing and optimisation of products and green production processes near our research center in Kristiansand,” says Håvard Moe, Elkem’s senior vice president for Technology.

Elkem plans to leverage these areas to pursue new, and support existing, opportunities rather than re-starting REC Solar Norway’s previous business model. The transaction will not affect the downsizing process initiated by REC Solar Norway.

The transaction remains subject to necessary approvals, including from the Norwegian Competition Authority.

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