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RIL invests in NexWafe, inks pact with Stiesdal

Wednesday, 13 Oct 2021
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Reliance Industries (RIL), through its unit Reliance New Energy Solar (RNESL), has invested in German green solar wafers technology company NexWafe GmbH (NexWafe), and signed a pact with Danish company Stiesdal for hydrogen electrolyser, as part of a strategy to expand its clean energy portfolio through partnerships.

RIL has invested EUR 25 million in a Series C financing round in NexWafe. The investment makes RIL a strategic lead investor in the company, which is developing and producing monocrystalline silicon wafers, also called green solar wafers, which are cost-effective. The transaction is proposed to be completed by the end of October 2021.

RIL will help NexWafe accelerate product, technology and commercial development for the latter’s solar photovoltaic products.

The two companies have also entered into an ‘India Strategic Partnership Agreement’ that provides for joint technology development and commercialisation, at scale, of high efficiency monocrystalline green solar wafers.

This will allow RIL secure access to NexWafe’s proprietary technology and plans to build large-scale wafer manufacturing facilities in India using the NexWafe processes and technology.

Both announcements are in line with RIL’s plans of investing Rs 75,000 crore over the next three years to build a new clean energy business to fuel the conglomerate’s commitment to be net carbon neutral by 2035.

The plan entails three parts -- Rs 60,000 core investment in four giga factories that will manufacture and fully integrate all the critical components for the business; Rs 15,000 crore investment in building the value chain, partnerships and future technologies, including upstream and downstream industries; and repurposing the company’s engineering, project management and construction capabilities toward clean energy.

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