CubicPV and OCI Holdings Enter Into Long Term Silicon Supply Agreement

Contract Valued at Approximately $1 Billion Represents a Key Step in the Diversification of the Global Silicon Solar Value Chain

BEDFORD, Mass. & SEOUL, South Korea–(BUSINESS WIRE)–#solar–At a signing ceremony earlier today, silicon solar wafer manufacturer CubicPV (“Cubic”) and global polysilicon leader OCIM Sdn.Bhd.(“OCIM”), a subsidiary of OCI Holdings, officially announced a long-term supply agreement in which OCIM will supply Cubic with high-quality, low-carbon, and U.S. compliant silicon. The eight-year contract, valued at approximately $1 billion, establishes a commitment for an annual supply volume by OCIM, outfitting Cubic with the polysilicon it requires to commence operations at its planned U.S. factory. The partnership between the two companies eliminates the supply chain risk for Cubic’s customers by combining U.S. compliant silicon with American made wafers.

Fully traceable, U.S. compliant silicon is currently one of the most sought-after raw materials in the energy transition. The supply from OCIM not only satisfies U.S. law, but it also meets the rigorous quality requirements of Cubic’s customers. During the last six months, and in conjunction with equipment validation and testing, Cubic has produced significant wafer volumes using OCIM silicon, all meeting or exceeding customer specifications.

“This agreement with one of the world’s foremost leaders in polysilicon production is testament to our manufacturing capabilities and the progress against our U.S. manufacturing plans. OCIM’s high-quality, U.S. compliant silicon is in extremely high demand, and we are fortunate to lock-in our supply with a trusted partner,” said Frank van Mierlo, CEO, CubicPV.

“OCIM’s global reach and leadership in green energy continues to grow, and we are delighted to name Cubic as our first U.S. customer and to play a role in their manufacturing success. This agreement moves the world closer to realizing a sustainable value chain in one of the most critical industries to the energy transition,” said Woo Hyun Lee, Chairman of OCI Holdings.

The silicon wafer is currently the bottleneck in the U.S. solar value chain and the OCIM partnership solidly positions Cubic to meet the demand for U.S.-produced wafers. Under the terms of the agreement, OCIM will begin to provide silicon in 2025 from its Malaysia facility, which is fully powered by clean hydroelectricity.

About CubicPV Inc.

With its world-class knowledge of silicon crystallization and manufacturing, CubicPV is the most experienced wafer producer in North America. The Company’s planned US facility will produce M10 and G12 n-type wafers. CubicPV’s innovations in solar manufacturing and materials are also creating a solar future defined by more powerful tandem solar modules. The Company’s core silicon and perovskite technologies provide the ideal semiconductor combination for high-efficiency tandem modules and lead to dramatic reductions in the cost of clean electricity with lower embedded carbon. For more information, please visit www.cubicpv.com.

About OCIM Sdn.Bhd.

OCIM, a subsidiary of OCI Holdings, is a global polysilicon producer with an annual capacity of 35,000MT located in the Samalaju Industrial Park in Sarawak, Malaysia. It was established by Tokuyama Corporation of Japan in 2009, and acquired by OCI in May 2017. Through OCI’s technical knowledge and operational excellence, OCIM operates at a full capacity and produces high-quality mono-grade polysilicon at competitive cost. Going forward, OCIM will continue to serve the global solar industry as a key non-Chinese material company and will be the base of the green chemical business through eco-friendly hydroelectric power and 100% wastewater recycling process.

Contacts

Laureen Sanderson

CubicPV

lsanderson@cubicpv.com
617.694.7336

Gunn Lee

OCI Holdings

gunn@ocihc.co.ckr
82.2.727.9511