REC Silicon Investor Presentation

Pareto Investor Conference | Battery Lithium silicon emerging as the new battery technology node for the mid-2020s Expect three broad battery material technology waves in passenger auto EVs in 2020s Anode Electrolyte Cathode Wave 0 Since 2015 Wave 1 Early-2020s Graphite-based Liquid (e.g. LiPF4) Nickel- & cobalt-based 1.2x Energy Density (est.) 1x 13 O REC Silicon ASA. All rights reserved. Confidential 1/15/2021 Wave 2 Mid-2020s Wave 3 Late-2020s Silicon-based Li-metal Solid (e.g. Polymer- or Ceramic-based) 1.5x Sulfur-based Over 2x RECSILICON

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