Navitas Green Solutions (Navitas Solar), a solar module manufacturing company based in Surat, is planning to expand its manufacturing capacity to 1.2 gigawatt per annum from its current capacity of 500 megawatt per annum. To support the expansion, the company has raised $5 million (about 41 crore) from a group of HNI investors, including promoters of Parishi Diamond Group, Lemon Emerging Ventures LLP, and others. The funding will enable Navitas Solar to meet the increasing demand for solar power projects and to export its products to countries like the US, EU, and Africa.
Director & Co-Founder, Navitas Solar, Vineet Mittal, expressed his satisfaction with the successful funding round and said that it is a vindication of the strong foundation laid by the company in the last ten years. The company is excited to embark on the next phase of growth with the faith shown by the investors. The funds raised will be utilized for expanding manufacturing capacity by 1.2 GW p.a.
According to a statement by the company, Navitas Solar was ranked among the top 10 solar panel manufacturers by JMK Research and Analytics. Aaryan Shah from Parishi Diamond Group said that Navitas is the perfect partner for their investment in renewable energy. The team has already proven itself, and they are excited to partner with them in their next phase of growth. The socially conscious investors are glad to participate in the Prime Minister’s vision for India to become a net-zero country by 2070.
