5N Plus Inc. announced that it has successfully renewed and increased its multi-year agreement with First Solar, Inc. for the supply of semiconductor materials associated with the manufacturing of thin-film photovoltaic (PV) modules. This latest agreement is the largest award to date and signals a transition to higher volumes of value-added compound semiconductor materials. In-line with First Solar's recently announced growth plans, annual volume is expected to increase by 35% in 2023 and by more than 100% in 2024 from current levels.

As with previous agreements, the contract is structured asymmetrically allowing 5N Plus to make the necessary planned investments in its Montreal facility to significantly increase the domestic supply of materials to the North American market by late 2023, incrementally to its current international offering. Investments in 5N Plus manufacturing assets to increase production capacity will be in addition to those already being made to consolidate the Company's recycling and refining activities in Montreal. The Company is also expanding the development and manufacturing of critical materials, including advanced semiconductor compounds and engineered powders used in solar, medical and security technologies, at this location.

5N Plus's advanced specialty semiconductor materials are imbedded in First Solar's Series 6 and 7 PV modules in a specialty semiconductor stack which is about three percent the thickness of a human hair. First Solar PV modules deliver carbon and water footprints that are 2 to 3 times lower than crystalline silicon PV panels. As part of the agreement in place, 5N Plus and First Solar will also collaborate on the development and the supply of other renewable energy products to support the growth and improvement of cadmium telluride thin-film technology.