REC Silicon (REC) has started the Moses Lake site and hopes to get the first polysilicon out by the end of November. This would allow for the first shipments to Hanwha Q-Cells in Q1 2024 as planned. The odd finding was that semi companies bought less silane gases despite a pick up in semi grade polysilicon volumes. The management gave a relatively moderate outlook in which it sees a recovery. Profitability was below our expectations (-15%). There was no consensus available.