Renewable Energy Corporation
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| Public limited company (Allmennaksjeselskap) | |
| Traded as | : |
| Industry | Solar energy |
| Founded | 1996 |
| Products | Polysilicon, wafers, solar cells, solar modules |
| Revenue | NOK 13.78 billion (2010) |
| NOK 1.018 billion (2010) | |
| Profit | NOK 989 million (2010) |
| Total assets | NOK 36.87 billion (end 2010) |
| Total equity | NOK 22.15 billion (end 2010) |
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Number of employees
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4,200 (end 2010) |
| Website | www |
The Renewable Energy Corporation (REC) is a solar power company with headquarters in Singapore. REC produces silicon materials for photovoltaics (PV) applications and multicrystalline wafers, as well as solar cells and modules.
All of REC's solar cell and wafer production plants in Norway were shut down permanently in 2011 and 2012 due to weak market conditions and prospects of significant negative cash flow.
The predecessor of today's company was established in 1996 under the name Fornybar Energi AS. Today's company is a result of a fusion in September 2000 between ScanWafer AS, SolEnergy AS and Fornybar Energi AS. In 2002 REC ScanCell started production of multicrystalline solar cells in Narvik for the sister company REC ScanModule in Glava, Arvika. REC Wafer was at the time the world's largest producer of multicrystalline wafers with factories in Glomfjord and at Herøya.
Immediately after its IPO in 2006, the share price of the company soared, reaching a peak of NOK 262 in November 2007, corresponding to a market capitalization of NOK 174 billion. Based on this value, the company was at the time the largest wholly privately owned company in Norway.
In 2007, REC decided to build its new worldscale integrated solar manufacturing facility in Singapore, the world’s largest integrated solar manufacturing complex. When completed, the manufacturing complex was planned to incorporate wafer, cell and module production facilities, with a production capacity of up to 1.5 gigawatts (GW).
The development of this site was projected to enable REC’s ability to deliver solar products that can compete with traditional energy sources in the sunny areas of the world without government incentives.
In 2008 and 2009 two new factories for multicrystalling wafers were opened at Herøya.
In August 2008 REC made the decision to build a new facility for silicon manufacturing expansion in Bécancour, Quebec, Canada. Included in the decision is a 20-year power contract with Hydro-Québec for the delivery of electricity at a competitive industrial rate.
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Wikipedia