Advertisement

If you have an ACS member number, please enter it here so we can link this account to your membership. (optional)

ACS values your privacy. By submitting your information, you are gaining access to C&EN and subscribing to our weekly newsletter. We use the information you provide to make your reading experience better, and we will never sell your data to third party members.

ENJOY UNLIMITED ACCES TO C&EN

Solar Power

Investor says Hanwha’s stake in REC is a conflict of interest

by Matt Blois
October 15, 2022 | A version of this story appeared in Volume 100, Issue 37

 

A person standing in front of a chemical plant.
Credit: REC Silicon
REC Silicon is one of just three polysilicon producers in the US.

Lodbrok Capital, which owns nearly 20% of REC Silicon, says it’s concerned that REC is negotiating a contract to sell all the polysilicon made at its Washington plant to REC’s largest shareholder, Hanwha Solutions, which will use polysilicon to make solar panels. Lodbrok says Hanwha’s ownership stake creates a conflict of interest for the firm. Hanwha increased its stake in REC to roughly 21% in March. In May, two Hanwha executives were elected to REC’s board of directors and now represent a majority. The board recently replaced REC’s CEO and chief financial officer.

Article:

This article has been sent to the following recipient:

1 /1 FREE ARTICLES LEFT THIS MONTH Remaining
Chemistry matters. Join us to get the news you need.