The FINANCIAL — NIB and the Norwegian silicon supplier Elkem AS have signed a euro-denominated eight-year loan agreement totalling NOK 373.7 million (approximately EUR 41 million—the amount is to be specified at the moment of disbursement) to modify three electric arc furnaces in two of Elkem’s production plants, and to finance the company’s R&D programme in 2015–2018.
Two furnaces at the Salten plant in Straumen, northern Norway, and a furnace at the Bremanger plant in Svelgen, western Norway, will undergo technical improvements that are expected to reduce the emission of nitrogen oxides into the air by 40%. In addition, one furnace at Salten has been modified to increase the purity levels in the silicon production process to 99% from 96%, according to NIB.
The loan will also finance Elkem’s R&D programme between 2015 and 2018 with the focus on further developing production methods for the company’s foundries, silicon production and carbon business.
Elkem is one of the global leaders in the production of silicon-based advanced materials. The company has 21 production sites and sales offices in about 50 countries worldwide. Elkem is headquartered in Oslo, Norway.