RECPDCL Invites Bids for 223 MW ISTS-Connected Solar Projects

Clean Energy Tech Firm Ecozen Raises $30 Million for Global Expansion

SJVN Green Energy Invites Bids to Source Land for 200 MW Solar Projects in Assam

Avaada Inks ₹45 Billion Refinancing Deal for Four Solar Projects in Rajasthan

Daily News Wrap-Up: Application Process for ALMM Inclusion and Renewal

Australia Adds 5.9 GW of Renewable Capacity to the Grid in 2023

POWERGRID Wins Contracts to Evacuate 18 GW of Renewable Energy

MNRE Seeks Feedback on Guidelines for PM-Surya Ghar Rooftop Solar Program

Apple Partners with CleanMax to Power India Operations with Renewable Energy

Explainer: Application Process for ALMM Inclusion and Renewal


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2023/05/amazon_polly_53958.mp3?version=1684321375">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Norway-based polysilicon manufacturer <a href="https://recsilicon.com/" target="_blank" rel="noopener">REC Silicon</a>&#8216;s net loss widened to $34.4 million for the first quarter (Q1) of the financial year (FY) 2023 compared to the net loss of $8.6 million year-over-year (YoY), primarily due to a drop in sales owing to a slowdown in the semiconductor market.</p>
<p>During the quarter, the company’s total polysilicon production dropped 38% YoY to 244 metric tons (MT). Its polysilicon sales declined to 183 MT, down 36% YoY.</p>
<p>The company’s revenue for the January-March period declined by 16% YoY to $29.1 million.</p>
<p>The silicon gas sales for the quarter fell by 16% YoY to 640 MT.</p>
<p>The semiconductor-grade polysilicon sales volume totaled 226 MT, a drop of 39% YoY.</p>
<p>The earnings before interest, taxes, depreciation, and amortization (EBITDA) for the January-March period were recorded at $23 million, compared to a loss of $3.6 million during Q1 2022.</p>
<p>The semiconductor materials segment contributed a loss of $3.4 million to the Company&#8217;s EBITDA during Q1 2023.</p>
<p style="text-align: center;"><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/05/REC-Silicon-Results-1.png"><img decoding="async" loading="lazy" class="alignnone wp-image-53960 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/05/REC-Silicon-Results-1.png" alt="REC Silicon Results-1" width="648" height="530" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/05/REC-Silicon-Results-1.png 648w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/05/REC-Silicon-Results-1-300x245.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/05/REC-Silicon-Results-1-624x510.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/05/REC-Silicon-Results-1-600x491.png 600w" sizes="(max-width: 648px) 100vw, 648px" /></a></p>
<p>Commenting on the results, Kurt Levens, CEO of REC Silicon, said, &#8220;The semiconductor market is still struggling with excessive inventories, which is muting demand for our silicon gases. EBITDA for the quarter was negative, although slightly improved from last quarter. The company is striving to take action to improve EBITDA in the short term. However, such action will take some time before impacting the bottom line. Restart activities for Moses Lake are progressing well and are on schedule.&#8221;</p>
<p>The company is working to restart manufacturing polysilicon for the solar energy markets from its Moses Lake, Washington facility. It also plans to restart Fluidized Bed Reactor (FBR) polysilicon production in Q4 of 2023.</p>
<p>Current activities include the execution of engineering, procurement, and construction for FBR upgrades. The company targets a ramp to 50% operation during Q2 2024 and a ramp to 100% during Q4 2024.</p>
<p>REC Silicon <a href="https://www.mercomindia.com/rec-silicon-posts-q4-net-loss-of-26-million-on-lower-demand" target="_blank" rel="noopener">reported</a> a net loss of $26 million for Q4 2022 compared to a net loss of $13.1 million YoY.</p>
<p>Earlier, REC Silicon had <a href="https://www.mercomindia.com/daily-news-wrap-up-rec-silicon" target="_blank" rel="noopener">joined</a> hands with Violet Energy Corporation to develop an integrated solar manufacturing supply chain.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/rakesh-ranjan-parashar/" class="vcard author" rel="author"><span class="fn">Rakesh Ranjan</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Rakesh Ranjan,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener">More articles from Rakesh Ranjan.</a></p>
</div>
<div class="authorboxn">
<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="77" height="102" /><a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener"><strong style="color: #00b451">Rakesh Ranjan</strong></a> is a staff reporter at Mercom India. Prior to joining Mercom, he worked in many roles as a business correspondent, assistant editor, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a Bachelor’s degree in English from Indira Gandhi National Open University (IGNOU). <a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" rel="noopener noreferrer">More articles from Rakesh Ranjan.</a></p>
</div>
</div></div><div class="clearfix"></div></div></div>

REC Silicon’s Q1 Loss Widens to $34.4 Million on Slow Semiconductor Market

silicon-gas

Get the most relevant India solar and clean energy news.

RECENT POSTS