CubicPV and Waaree Announce Multi-Year Supply Agreement

India’s Leading Module Manufacturer and U.S. Solar Innovator Partner to Deliver the Lowest Cost of Electricity to the India Utility-Scale Market

CubicPV and Waaree Energies, Ltd., India’s leading solar module manufacturer, today announced that they have entered into a multi-year supply agreement in which CubicPV will supply, per annum, 1 GW of silicon cells to Waaree. The cells will feature wafers made with CubicPV’s transformative Direct Wafer® technology, which produces wafers in one step, directly from a molten bath of silicon. The agreement intends to strategically position Waaree to capture robust industry growth by delivering the lowest levelized cost of electricity (LCOE) to the Indian utility-scale market.

“Our Direct Wafer technology is the ideal solution for India’s domestic utility market and Waaree, by choosing this technology over generic methods, is setting the tone for an Indian manufacturing future that makes better use of materials, requires less energy and is defined by high efficiency,” said Frank van Mierlo, CEO, CubicPV. “CubicPV is honored to begin our journey in India with Waaree. The synergy between one of the leading module manufacturers in India and Cubic’s innovation agenda will create value for both companies and the solar industry in India.”

The partnership between the two companies aims to strengthen India’s domestic solar manufacturing ecosystem, with CubicPV providing the basis for a domestic supply line for Waaree and a level of immunity with respect to the logistics challenges and volatile commodity pricing that has defined the import market. “As an early entrant in the solar industry, Waaree recognizes the value of innovation to our continued leadership position. We believe that CubicPV’s technologies will deliver significant benefits to our customers and to the Indian solar market both immediately and in the long run. We are proud to bring a module to the market featuring domestically-produced wafers and cells manufactured with a low carbon footprint,” said Hitesh Doshi, Chairman and MD, Waaree.

About CubicPV
With its innovations in solar manufacturing and materials, CubicPV is creating a solar future that is defined by more powerful tandem solar modules, reductions in the cost of electricity – more –and lower embodied carbon. The company’s core technologies, the Direct Wafer® process and durable perovskite chemistry, deliver the lowest cost of electricity and provide the ideal semiconductor combination for high-efficiency tandem modules. CubicPV has offices in Bedford, Ma., and Dallas. For more information, please visit http://www.cubicpv.com.

About Waaree Energies
Waaree Energies Limited is a part of the Waaree Group and has the country’s leading Solar PV Module manufacturing capacity of 2 GW. In addition, it is one of the leading players in India in EPC services, project development, rooftop solutions and solar water pumps. Waaree has its presence in over 388 locations nationally and 19 countries globally. https://www.waaree.com/