Business & Financial News email: business(@)

NORDIC INVESTMENT BANK: NIB finances silicon technology improvement programme in Norway


Photo: Elkem AS

The Nordic Investment Bank (NIB) and 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%.

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 a global leader 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.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.