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Reliance New Energy Solar to Invest in NexWafe as Strategic Lead Investor

    13 October , 2021         Fdiindia

Reliance New Energy Solar to Invest in NexWafe as Strategic Lead Investor

NexWafe GmbH (NexWafe) announced on Tuesday that Reliance New Energy Solar Ltd (RNESL), a wholly-owned subsidiary of Reliance Industries Ltd, has joined the company as a strategic lead investor in its 39 million euro ($45 million) Series C financing round, with a 25 million euro ($29 million) investment in phase one. NexWafe's commercial development of solar photovoltaic products on prototype lines in Freiburg will be accelerated thanks to Reliance's funding.

In addition, Reliance and NexWafe have signed an India Strategic Partnership Agreement for the collaborative development and commercialization of high-efficiency monocrystalline "green solar wafers" at scale. Reliance will get access to NexWafe's patented technology as a result of this collaboration, and intends to construct large-scale wafer production facilities in India based on NexWafe's methods and technology.

NexWafe is developing and manufacturing monocrystalline silicon wafers that are produced directly from low-cost raw ingredients, moving from gas to completed wafers. Traditional wafer manufacturing depends on expensive and energy-intensive intermediary processes like polysilicon fabrication and ingot pulling.

NexWafe utilises in-line production for both the initial release layer and epitaxial silicon deposition in an atmospheric chemical vapour deposition method. Its unique technique is anticipated to lower wafer manufacturing costs dramatically, making solar photovoltaics the most cost-effective renewable energy source accessible. Reliance's investment in NexWafe demonstrates its commitment to make India the world's top green energy supplier by leapfrogging current technology and developing the world's most cost- and energy-efficient photovoltaic process at scale.

Mukesh Ambani, chairman of RIL, stated: "In all of our companies, Reliance has always believed in being ahead of the technological curve. Our collaboration with NexWafe exemplifies this once again, as we start on an ambitious goal to fulfil India's fast expanding economy's cheap green energy requirements " Our investment in NexWafe represents a significant step forward in India's green energy transformation and establishing the country as a worldwide leader in photovoltaic production. We think NexWafe's revolutionary ultra-thin wafer will provide solar producers with a substantial competitive edge over current photovoltaic technologies, allowing customers in India and across the world to reap the advantages of solar energy more rapidly and effectively.

InnoEnergy, Lynwood, Saudi Aramco Energy Ventures, and other existing and new investors have also joined Reliance in the Series C Round, bringing the total amount raised to over 10 million euros ($12 million). InnoEnergy will also convert its existing NexWafe debt of 4 million euros ($4.7 million) into equity at the same price as the Series C Round shares.

NexWafe is advised by ACXIT Capital Partners exclusively. Legal advice for the business is provided by international law firms GORG and Raeder. On this deal, Linklaters served as Reliance's legal counsel, while Deloitte served as its accounting and tax counsel.