Elkem to pilot CO\2\-free silicon production with support from Enova

Elkem is researching a groundbreaking new concept for silicon production, which
aims to eliminate nearly all direct CO2 emissions. The concept involves
capturing and recycling the carbon in the process off gas and reusing it in the
production process.  Enova has granted Elkem 31 million Norwegian kroner for a
medium scale pilot, to be carried out in Kristiansand, Norway.

Silicon is a critical raw material for the green and digital transitions, as it
is used in electric vehicles, solar cells, batteries, computers, wind turbines
and much more. The production of silicon is however a source of greenhouse gas
emissions, as the process requires a source of carbon to reduce the quartz into
silicon. Elkem's silicon production is based on more than 80% emission-free
electricity and is one of the world's most sustainable silicon production
processes. The emissions from the carbon needed to produce silicon from quartz
is however hard to abate.

- Elkem has a climate strategy aimed at net zero emissions by 2050, and a switch
to more biocarbon and exploring carbon capture are among the company's measures.
With this groundbreaking research into carbon looping, possibly reusing captured
carbon in our own process, we are exploring a potential game changer in the
silicon production industry, said Elkem CEO Helge Aasen.

The new concept, named Sicalo (Silicon production with carbon looping), will
eliminate the need for any carbon used as a reduction material, if realized. In
today's silicon furnace, the process gases end up as CO2 emissions. In Sicalo,
the emitted carbon will be captured and reused in the silicon production process
as a reductant.

Elkem is about to complete the first phase of the research and development work
of Sicalo, where the various subprocesses are tested on laboratory and bench
scales together with SINTEF Industry and NORCE. The project has previously
received 16 MNOK in funding from the Research Council of Norway for this
research phase in 2022-2024.

- Enova is impressed by the extensive work Elkem has put into this pilot
project. This is future technology. It is therefore very natural that Enova is
involved and helps mitigate the risk through financial support. Enova knows that
it takes time to commercialize this technology. Now that Elkem is underway, we
can hope that the new solutions and processes can be industrialized early in the
2030s. We are following the results with excitement, says Nils Kristian Nakstad,
CEO of Enova

- We are pleased to receive public funding from Enova for this pilot project.
There is still significant research needed before we can see this as a viable
solution in full scale, but preliminary results are promising, and we are proud
to have world class researchers and pilot facilities for working on these
possible future technologies for the silicon industry, said Helge Aasen.

Elkem also completed the world's first carbon capture pilot in a silicon smelter
in 2023, with capture rates of up to 95 %.

For further information, please contact:

Odd-Geir Lyngstad
VP Finance & Investor Relations
Tel: [phone]
Email: [e-mail]

Maria Ekornes Myhre
Acting VP Corporate Communications and Public Affairs
Tel: [phone]
Email: [e-mail]

Elkem is one of the world's leading providers of advanced silicon-based
materials 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
7,400 people has a joint commitment to stakeholders: Delivering your potential.
In 2023, Elkem achieved an operating income of NOK 35.5 billion and CDP ratings
of A on Forests, and A- on Climate Change and Water Security. Elkem is listed on
the Oslo Stock Exchange (ticker: ELK), where the company is also included in the
ESG Index. www.elkem.com

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