Elkem Takes Full Ownership of Salten Energy Recycling Plant

Recently, Bluestar Elkem took 100% ownership of Salten Energy Recycling Plant after acquiring 50% of Kvitebjørn Energi’s shares. The move has provided more strategic flexibility for Elkem.

On November 15, 2021, Norwegian Prime Minister Jonas Gahr Støre announced the operation of the new energy recycling plant of Elkem Salten in northern Norway. The energy recycling plant has been closely integrated with Elkem Salten’s silicon production process to use the residual heat from the silicon smelter to generate electricity. The plant recycles 28% of the electricity consumed by Elkem Salten, which is equivalent to about that of 15,000 Norwegian households.
    

Previously, the plant was a joint venture between Bluestar Elkem and Kvitebjørn Energi, each holding 50% of shares. A total investment of approximately NOK 1.2 billion includes Enova’s NOK 350 million grant, large external debt and certain equity.
    

Helge Aasen, CEO of Bluestar Elkem, said: “Elkem aims to be part of the solution to climate change and becomes one of the winners of the green transition. Elkem Salten’s new energy recycling plant will further enhance the capability in ensuring the production of eco-friendly silicon and ferrosilicon alloys with the lowest possible emissions and resource use. With this acquisition, Elkem has become attractive in financial return and increased strategic flexibility while delivering the climate roadmap task. Currently, Elkem has a strong investment portfolio of energy recycling plants in multiple regions. We believe that energy recycling will become a key pillar of the green transition. The significant additional potential of energy recycling in the industry will be unleashed with the support of appropriate mechanisms.”