Norwegian prime minister opens energy recovery plant at Elkem Salten

Rhea-AI Summary

Norwegian Prime Minister Jonas Gahr Støre officially opened a new energy recovery plant at Elkem Salten in Norway on November 15, 2021. The facility will recover 28% of the electrical energy used at the plant, powering around 15,000 Norwegian households. This NOK 1.2 billion investment, supported by a NOK 350 million Enova grant, positions Elkem as a leader in energy-efficient silicon production aligned with its climate targets for net zero by 2050. Elkem currently utilizes 83% renewable electricity and aims to reduce CO2 emissions by 28% by 2031.

Positive

• New energy recovery plant will enhance energy efficiency by recovering 28% of electrical energy used.
• Investment of NOK 1.2 billion indicates strong commitment to sustainability and competitiveness.
• NOK 350 million grant from Enova supports the project's financial viability.
• Elkem uses 83% renewable electricity, positioning it favorably in the green transition.

Negative

• None.

STOCKHOLM, Nov. 15, 2021 /PRNewswire/ -- Prime Minister Jonas Gahr Støre today opened the new energy recovery plant at Elkem Salten in the northern part of Norway. The installation positions Elkem Salten as one of the most energy effective silicon plants in the world, in line with the ambitions of Elkem's climate roadmap towards net zero by 2050, further strengthening its competitiveness.

The new energy recovery plant will recover 28% of the electrical energy used at Elkem Salten, equal to the power consumption of about 15,000 Norwegian households. Together with other energy recovery installations implemented at Elkem plants, this brings the total energy recovery of the group to approximately 900 GWh per year, similar to the capacity of the largest wind park in Norway.

"Elkem aims to be part of the solution to combat climate change – and to be one of the winners in the green transition. The new energy recovery plant at Elkem Salten, developed together with our partners in Kvitebjørn Energi and with financial support from Enova, further strengthens our efforts to ensure environmentally friendly silicon and ferrosilicon production with the lowest possible emissions and lowest possible use of resources," says Elkem's CEO, Helge Aasen.

Norway's prime minister Jonas Gahr Støre marked the official opening of the energy recovery plant with a visit to Elkem Salten, and was on Monday 15 November given a tour of the facilities by plant manager Ove Sørdahl.

The energy recovery plant, built in partnership between Elkem, Kvitebjørn Energi and financing partner Nordea, represents an around NOK 1.2 billion investment. Enova, the Norwegian government's funding agency for energy efficiency improvements, has approved a grant of up to NOK 350 million. At the time it was awarded, this was the third largest industry grant that Enova has ever provided.

Elkem has a strong position to contribute on climate. The company already uses 83% renewable electricity in its operations. Elkem is also externally recognised for climate actions: Ranking among the world's top 5% companies rated by CDP in 2020. Elkem aims to reduce its total fossil CO2 emissions by 28% from 2020-31 while growing its supplies to the green transition.

For more information

Odd-Geir Lyngstad

VP Finance & Investor Relations

Tel: +47 976 72 806

Email: odd-geir.lyngstad@elkem.com

Fredrik Norman

VP Corporate Communications & Public Affairs

Tel: +47 918 66 567

Email: fredrik.norman@elkem.com

About Elkem

Elkem is one of the world's leading providers of advanced material solutions shaping a better and more sustainable future. The company develops silicones, silicon products and carbon solutions by combining natural raw materials, renewable energy and human ingenuity. Elkem helps its customers create and improve essential innovations like electric mobility, digital communications, health and personal care as well as smarter and more sustainable cities. With a strong track record since 1904, its global team of more than 6,800 people has a joint commitment to stakeholders: Delivering your potential. In 2020, Elkem was rated among the world's top 5% on climate and achieved an operating income of NOK 24.7 billion. Elkem is listed on the Oslo Stock Exchange (ticker: ELK). www.elkem.com

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FAQ

What was opened on November 15, 2021, by the Norwegian Prime Minister at Elkem Salten?

The Norwegian Prime Minister opened a new energy recovery plant.

How much energy will the new plant at Elkem Salten recover?

The plant will recover 28% of the electrical energy used at Elkem Salten.

What is the investment amount for the new energy recovery plant at Elkem Salten?

The investment for the new plant is NOK 1.2 billion.

What grant did Elkem receive for the energy recovery plant project?

Elkem received a NOK 350 million grant from Enova for the project.

What are Elkem's climate goals for 2050?

Elkem aims to achieve net zero emissions by 2050.