REC Silicon Investor Presentation

Pareto Investor Conference | Battery Continued Battery Cost Improvement dependent on New Cell Chemistry Price of Mass Market Li-ion Cells [$/kWh] 10,000 1991 1,000 100 Li-ion Manufacturing Learning with Scale First Modern EVs 2008 Limits of Basic Li-ion Chemistry & Design $100/kWh with Novel Chemistry & Manufacturing $50/kWh 100 Million EVs Total - 2030 10 10 1 10 100 1,000 10,000 100,000 1,000,000 10,000,000 Cumulative Li-ion Shipments Globally [MWh] Figure 3. The manufacturing learning curve for conventional Li-ion is flattening out even as scale is reaching previously unfathomable quantities. 12 O REC Silicon ASA. All rights reserved. Confidential 1/15/2021 RECSILICON

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