Is Rec Solar A Chinese Company?

REC Solar is a leading manufacturer and provider of high-quality solar panels. The company has a long history spanning multiple decades in the solar industry. This article will provide a brief background on REC Solar and the purpose and scope of the article.

REC Solar was originally founded in Norway in 1996 under the name Renewable Energy Corporation (REC). Throughout its 25+ year history, the company has grown to become one of the largest solar panel suppliers globally. REC began by producing solar grade silicon and wafers and eventually expanded into manufacturing solar photovoltaic panels and modules.

The purpose of this article is to explore the question “Is REC solar a Chinese company?”. There has been some debate around REC Solar’s ownership and whether it should be considered a Chinese company. This article will provide an objective look at REC Solar’s origins, headquarters, manufacturing, ownership structure, management, market share and overall public perception to determine if REC Solar is indeed a Chinese company.

REC’s Origins

REC was founded in 1996 in Norway by Alf Bjørseth and Erik Sauar. The company started out by producing silicon wafers for solar cells in Glomfjord, Norway. It was one of the first companies to produce multicrystalline silicon wafers for solar PV using a new, innovative manufacturing process (Company history, REC). This allowed REC to produce high-quality multicrystalline wafers while reducing costs. The company’s original focus was on producing wafers rather than full solar panels or modules. Within just a few years, REC expanded into producing solar cells and modules as well (Renewable Energy Corporation, Wikipedia).

REC’s Headquarters

REC Group was founded in Norway in 1996 and maintains its corporate headquarters in Oslo, Norway to this day (About REC). The company states on its website that its operational headquarters are located in Singapore, but its legal headquarters and place of incorporation remain in Norway where it was founded.

Despite having major regional hubs and operations centers located across Europe, Asia Pacific, and North America, REC Group still considers Norway to be its true home base where its founders started the company and key strategic decisions are made (REC Limited). So while Singapore may run day-to-day operations, REC’s origins and corporate oversight lie firmly in Norway.

REC’s Manufacturing

REC first began manufacturing solar panels at their facility in Narvik, Norway in 1996 shortly after the company was founded (REC Group). For over two decades, the Narvik facility served as REC’s primary manufacturing hub and helped establish the company as a leading global provider of solar panels.

As demand grew, REC expanded production by opening additional facilities, including a state-of-the-art manufacturing plant in Singapore in 2010 (REC Group). With multiple manufacturing locations spread across Europe and Asia, REC has been able to significantly scale up production and extend its reach to new markets.

Today, REC operates production sites in Norway, Singapore, and elsewhere to serve the needs of residential, commercial, and utility-scale customers around the world.

REC’s Ownership

REC Group first became a public company in 2006 when it was listed on the Oslo Stock Exchange.[1] For nearly a decade after that, REC Group operated as a publicly traded company. In 2015, REC Solar was acquired by Bluestar Elkem, part of China National Chemical Corporation (ChemChina), which purchased all outstanding shares of REC Solar for NOK 20 per share.[2] This gave ChemChina full ownership of REC Group. REC Solar continued to operate from its headquarters in Norway under ChemChina ownership over the next several years.

REC’s Management

Despite being headquartered in Norway and manufacturing primarily in Singapore, some mistakenly believe REC is a Chinese company due to its partial ownership by ChemChina. However, REC maintains strong Norwegian leadership and management. The CEO, Jan Enno Bicker, is Norwegian, as are many executives like the CTO Shankar Sridhara and Chief Digital Officer Franck Beudin (https://www.recgroup.com/en/meet-our-management-team). While ChemChina is a major investor, REC’s headquarters and leadership team remain firmly in Norway.

REC has emphasized its commitment to Norway, stating “REC will retain its identity as a leading European brand and technological innovator” (https://www.recgroup.com/en/meet-our-management-team). The company’s board of directors and executives are mostly European, showing its Norwegian heritage continues to shape REC’s strategy and vision.

REC’s Products

REC offers a wide range of premium solar panels for residential, commercial, and utility-scale applications (source: https://www.recgroup.com/en/rec-solar-panels). Their product line includes solutions for rooftop solar, ground-mounted solar, floating solar, and more (source: https://www.recgroup.com/en/home-solar-panels-commercial-utility-scale-solar-solutions).

While headquartered in Norway, REC maintains manufacturing facilities globally in Singapore, France, and Malaysia (source: https://www.recgroup.com/en/about). This diverse manufacturing footprint allows REC to serve markets worldwide.

REC’s Market Share

Despite its origins in Norway, REC has become a leading European brand for solar panels with a significant global presence. According to Wood Mackenzie, REC captured 15% of the German market in 2017, making it one of the top suppliers in Europe’s largest solar market.

REC has also expanded substantially beyond Europe. The company reported 20% customer growth in 2018, driving increased demand across international markets. By upgrading its production lines and expanding sales regions, REC has steadily grown its global footprint.

While REC may not have the dominant market share of top Chinese solar companies, it has carved out a sizable niche as a Tier 1 manufacturer. REC competes effectively through its focus on high-efficiency panels and technology innovation. The company’s strong brand and reputation for quality have fueled its rise as a major international player.

REC’s Perceived Nationality

Despite REC’s acquisition by Chinese company ChemChina in 2019, REC maintains a distinctly European brand image and reputation. REC was founded in Norway in 1996 and continues to manufacture its solar panels primarily in Singapore and Norway. The company has kept its headquarters and management in Norway after the acquisition. According to the company’s website, “REC is proud of its Scandinavian heritage and of sustaining a truly global and pioneering mindset.”

REC focuses its marketing and messaging on its European origins and values, emphasizing Scandinavian ideals like reliability, quality, and environmental stewardship. The company name REC stands for “Renewable Energy Corporation” and intentionally avoids reference to China. While legally owned by a Chinese parent company, REC continues to identify itself as a European solar brand. Its website states that REC offers “Reliability of a European brand” despite the relatively recent change in ownership.

Conclusion

While REC has Norwegian origins and was founded in Norway in 1996, today it is majority owned by the Chinese company Bluestar. However, despite Chinese ownership, REC continues to operate as a European solar company. Its headquarters and R&D facilities remain in Norway, while manufacturing is located across Europe and Southeast Asia. REC maintains a European management team and focuses on serving the European and global solar markets. So while REC has Chinese owners, its operations, management, and focus continue to be European. For consumers, REC offers high-quality solar panels engineered in Norway and backed by warranties and customer service based in Europe. So REC can be considered a European solar company with Norwegian roots and origins, albeit with present-day Chinese majority ownership.