History
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.[9] Based on this value, the company was at the time the largest wholly privately owned company in Norway.[10]
In 2007, REC decided to build its new world-scale 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).[11]
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.[12]
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.[13]
In 2010, fully automated and integrated production of wafers, cells, and panels began at the company's state-of-the-art factory in Singapore
Crisis during 2008-2009
During 2008 and 2009, the company faced a crisis with falling income and increasing debt. As of May 2010, the market capitalization is down to 18 billion NOK. The large drop in value was partially blamed on the 2008 financial crisis,[14] which caused a near halving of the price of silicon wafers, as well as increasing costs of investments, in particular due to delays in opening a new factory in Moses Lake, Washington.[15]
Crisis during 2011 and 2012
In addition due to the continued weak market conditions and prospects of significant negative cash flow, the board of directors announced in October that REC would permanently close down the production capacity at the oldest multicrystalline wafer plants at Herøya, the multicrystalline wafer plant in Glomfjord and the solar cell plant in Narvik.[16] The remaining Norwegian plant, at Herøya, was closed down in 2012. Its wafer subsidiary, REC Wafer Norway AS, is planning to file for insolvency.[17]
