hugin.info/136555/R/1911638/682136.pdf
Letter from the CEO
Although 2014 was a year of modest growth in the PV industry, we expect strong growth going
forward, with the market estimated to be at least 100 GW by 2020. REC Silicon is well
positioned to meet this increased demand because of our innovative FBR technology, an
extremely efficient process with high quality.
This past year, we announced the 3,000 MT expansion of our production
capacity in Moses Lake, which will produce polysilicon suitable for high
efficiency applications. Additionally, in July, our joint venture company in
China was established with our partner, Shaanxi Non-Ferrous Tian Hong
New Energy Co., Ltd. This joint venture will utilize REC Silicon’s next
generation FBR technology in a plant that includes capacity of 19,000
MT of polysilicon. This project will combine the best polysilicon
technology with the operational efficiency opportunities that are
available in China. We expect the production from this plant, which is
scheduled to begin in 2017, to be among the most competitive globally.
The demand for silicon gases continued to be strong in 2014. Over the
course of the year, REC Silicon confirmed its position as a reliable, high
quality silane supplier, and we maintained our strong market position.
We expect the silane market to continue to grow and that REC Silicon
will continue to be a leading supplier. Our research and development
efforts continue to succeed in the development of other silicon gases,
opening up new, exciting opportunities.
Throughout the year, our highly motivated team has demonstrated a
strong focus on continuous improvement which has led to record-high
production volumes, with industry-leading manufacturing costs. This
performance was achieved through process optimization, innovation,
rigorous training, standardization and utilization of lean manufacturing
and Six Sigma methods.
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