Reliance New Energy Solar Ltd (RNESL), a wholly owned subsidiary of Reliance Industries Ltd., has decided to invest $29 million in NexWafe GmbH of Germany as a lead investor in a fund raise.
“The investment by Reliance will accelerate product and technology development for NexWafe, including completion of the commercial development of NexWafe’s solar photovoltaic products on prototype lines in Freiburg,” NexWafe GmbH said in a statement.
Both companies have also entered into an India Strategic Partnership Agreement providing for joint technology development and commercialization, at scale, of high- efficiency monocrystalline “green solar wafers. Reliance, through this partnership, will secure access to NexWafe’s proprietary technology and plans to build large-scale wafer manufacturing facilities in India using the NexWafe processes and technology.
NexWafe is developing and producing monocrystalline silicon wafers grown directly from inexpensive raw materials, going directly from the gas phase to finished wafers.
Mukesh Ambani, Chairman, Reliance Industries said, “We believe NexWafe’s innovative ultra-thin wafer will give solar manufacturers a significant advantage over existing photovoltaic technologies, helping consumers in India and globally realize the benefits of solar energy more quickly and more efficiently.”
Davor Sutija, CEO, NexWafe, said, “With its strategic partnership with NexWafe, Reliance can bring the latest in solar wafer innovation to India while also leveling the global playing field for photovoltaic manufacturers, expanding manufacturing beyond a single source market.”