Reliance New Energy Solar Ltd to invest in NexWafe as Strategic Lead Investor
Summary
This proprietary process obviates the need for costly and energy intensive intermediate steps such as polysilicon production and ingot pulling on which traditional wafer manufacturing relies. NexWafe’s unique patented technology is expected to drastically cut wafer production costs, making solar photovoltaics the lowest-cost form of renewable energy available. Our partnership with NexWafe testifies to this yet again, as we embark on an ambitious mission to meet affordable green energy needs of India’s rapidly growing economy. It is our way of caring for Planet Earth and contributing to the global mission of saving it from the looming climate crisis.” Davor Sutija, CEO of 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.” NexWafe Chairman Bart Markus added: “Reliance is famed for its ability to create quality products at the most competitive prices, so its commitment to helping us reshape and reinvent the silicon wafer will be, we believe, game-changing for helping the world deploy high-efficiency photovoltaics at scale.” Other investors joining Reliance in the Series C Round include InnoEnergy, Lynwood, Saudi Aramco Energy Ventures and other incumbent and new investors, adding another nearly EUR 10 million ($12 million) to the round. NexWafe’s in-line, ultra-scalable process shatters cost down roadmap barriers and inherently supportsthe industry’s extraordinary growth as the transition to solar power accelerates worldwide.