Elkem intends to invest 3 billion to expand China's silicone business

On April 27, 2021, the board of directors approved the strategic expansion of 3.8 billion Norwegian kroner (approximately RMB 3 billion) for the China Xinghuo Silicone Plant to strengthen Elkem’s position in the fastest-growing Chinese silicone market and further support Specialization strategy. In addition to supporting Elkem’s specialization and growth strategy, the project will also significantly improve Elkem’s overall cost and environmental conditions based on the most advanced technology.

The project will increase the factory's high-quality upstream product capacity by more than 50%. The project will also significantly improve environmental performance, reduce energy consumption by 57%, reduce raw material usage by 11%, and reduce solid waste by 30%. Improving environmental performance is one of Elkem's key social responsibilities, which is also in line with the company's leading level in environmental, social and governance (ESG) factors.

In addition, Elkem’s advanced battery materials business is also proceeding as planned. The pilot plant in Kristiansand, Norway, was put into operation in April 2021, and has already begun industrial-scale production, and is currently conducting identification tests with several battery manufacturers. Elkem also invites external investors to participate in the project, which will enable Elkem to develop rapidly and make Elkem an important and attractive supplier in the battery industry.