Ole Enger new President and CEO of REC ASA

March 30, 2009

Ole Enger, Chairman of the Board at the solar technology company Renewable Energy Corp (REC), takes over as President and CEO as of April 4. President and CEO Erik Thorsen is leaving the company.

Ole Enger, new CEO of REC. Photo: www.orkla.no

Enger (61) has had an extensive career within international business. He was until recently CEO of SAPA AB, the world’s leading company within the aluminium profiles industry and Executive Vice President in Orkla ASA. From 1992 until 2005 he was President and CEO of Elkem ASA, for many years the world’s leading silicon producer. Before this, he spent 6 years in Norsk Hydro ASA, where he has held a number of top management positions. Enger has been a member of the REC Board since 2005 and has been Chairman of the Board since 2007.

“The main task from now on will be to further develop a strong industrial culture that ensures good and predictable operations. At the same time it is clear that also the solar industry will have to manoeuvre through the ongoing financial and economic crisis. Until now this crisis has only increased in strength and this could, as reported by the company after the 4th Quarter, have consequences for REC’s financial development. It will thus be important for the Management and the Board to ensure that the company safely manoeuvres through the turbulent market situation we are currently experiencing,” says Enger.

Production has started in Washington

REC Silicon’s new polysilicon plant in Moses Lake, Washington (Silicon III) based on fluidized bed technology (“FBR”) started production early last week. The main portion of the Silicon III production is expected to be ramped-up during the 2nd Quarter of 2009, but also going into the 3rd Quarter.

REC Silicon and REC Wafer are the world’s largest producers of polysilicon and wafers for solar applications. REC Solar produces solar cells and solar modules and engage in project development activities in selected segments of the PV market. REC Group had revenues in 2008 of NOK 8,191 million and an operating profit of NOK 2,529 million.

Source: RECGROUP.