PCC SE’s plans to build an advanced production plant for silicon metal in Iceland date back to 2011. After several years of planning work and negotiations with investors, lenders, suppliers – for example of electricity from renewable energy sources – and potential customers, work to prepare the site in the north of Iceland began in June 2015, with construction starting at the end of June. The commissioning phase commenced with ignition of the first of the two electric-arc furnaces on April 30, 2018. The official start of production occurred with the first tapping operation performed on May 11, 2018. Start of the Heat-up process of the second furnace commenced on August 31, 2018. The plant has an annual capacity of 32,000 metric tons. A portion of the quartzite mined in our Polish quarry serves as the feedstock for the facility, thus extending our value chain. We assumed majority control of this quarry in 2009. The silicon metal to be produced is already covered to a large extent by long-term purchase agreements with German companies from, for example, the aluminium industry. A majority of the funding has been provided in the form of a loan from KfW IPEX-Bank of Frankfurt/Main. More than a quarter of the investment finance was provided by the Icelandic company Bakkastakkur slhf. through a combination of a shareholder loan and preferred shares in our project company PCC BakkiSilicon hf headquartered Húsavík, Iceland.
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