The investment by Reliance Industries is expected to be completed in October 2021 which will elevate the product and technology development for NexWafe .
Mumbai-based multinational conglomerate giant Reliance Industries Limited (RIL) announced on October 12, 2021, that the company’s solar unit RNESL (Reliance New Solar Energy Limited) will acquire preferred shares of Germany-based firm NexWafe valued at nearly 25 million euros ($29 million).
RNESL will perhaps emerge as the lead investor for NexWafe’s 39 million euros Series C funding round. NexWafe, a highly efficient monocrystalline silicon wafers manufacturer roped in Reliance which will buy 86, 887 series C preferred shares at 287.73 euros per share as confirmed in a statement revealed on October 12, 2021. RNESL will additionally receive 36, 201 warrants which are exercisable for one euro per warrant subject to achieving agreed milestones as disclosed in an exchange filing.
The investment is expected to be completed in October 2021 which will elevate the product and technology development for NexWafe .
NexWafe possesses a proprietary technology which claims to have the potential to reduce the cost of producing PV (photovoltaic) cells. The advanced technology can develop solar photovoltaic, the cheapest form of renewable energy available. The technology relies on developing monocrystalline silicon wafers directly from the cheap raw materials, eliminating the expensive intermediate steps.
Reliance Industries has chalked out its plan to leverage technology delivered by NexWafe to establish giga-scale wafer producing units and facilities in India with the view of contributing to the domestic and global marketplace. NexWafe and Reliance have joined hands via India Strategic Partnership Agreement for mutual development and large scale commercialization of highly efficient monocrystalline solar wafers.
RIL’s latest contribution of investing in NexWafe is yet another push towards reaching the target of generating 100 GW of renewable energy by 2030. It is in line with the establishment’s strategy to invest in advanced and new generation technology which will serve the country’s Prime Minister Narendra Modi’s planned target for India to make 450GW energy by 2030. These steps will elevate the country’s potential to become a leader in transitioning green energy around the globe in order to fight against the climate crisis.
Conglomerate major Reliance Industries was in the highlights for acquiring Renewable Energy Corporation (REC) Solar Holdings AS from China Bluestar on October 10, 2021. The up-to-date acquisition of RNESL (Reliance New Energy Solar Limited) will help the company to construct its composite metallic silicon PV panel manufacturing giga factory in Jamnagar. The technology will spur the company’s expansion in the global market including Australia, US, Europe, etc. Mukesh Ambani, Reliance largest shareholder, confirmed in a statement that the company is all ramped up to make India a manufacturing hub for solar panels of highest efficiency at cheapest rate.
Ambani had decided to contribute $10 billion in hydrogen fuel and the generation of clean power for over a period of 3 years.