Reliance New Energy Solar Limited (RNESL), a wholly owned subsidiary of Reliance Industries Limited (RIL) has invested $29 million as a strategic lead investor in Germany-based NexWafe GmbH’s (NexWafe) Series C financing round.
The investment by RIL will accelerate product and technology development for NexWafe, including the completion of the commercial development of NexWafe’s solar photovoltaic products on prototype lines in Freiburg. Reliance and NexWafe 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, the company said in a statement.
Both the companies have also entered into an India Strategic Partnership Agreement providing for joint technology development and commercialisation, at scale, of high- efficiency monocrystalline “green solar wafers”.
NexWafe is developing and producing monocrystalline silicon wafers grown directly from inexpensive raw materials, going directly from the gas phase to finished wafers.
RIL through its partnership with NexWafe, will secure access to its proprietary technology and plans to build large-scale wafer manufacturing facilities in India using the NexWafe processes and technology.
NexWafe’s unique patented technology is expected to drastically cut wafer production costs, making solar photovoltaics the lowest-cost form of renewable energy available.
Mukesh Ambani, chairman of Reliance Industries Ltd, 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.”
For Reliance, our foray into solar and other types of renewable energy is much more than a business opportunity. It is our way of caring for Planet Earth and contributing to the global mission of saving it from the looming climate crisis, he added.