said it had invested 25 million euros in a Series C funding round at NexWafe. The investment makes RIL a strategic lead investor in the company that develops and produces monocrystalline silicon wafers, also called green solar wafers, which are cost effective.
“Our investment in NexWafe marks a major step towards accelerating India’s green energy transition and positioning India as a global leader in photovoltaic production,” RIL President Mukesh Ambani said in a statement.
“We believe that NexWafe’s innovative ultra-thin wafer will provide a significant advantage over existing photovoltaic technologies, and help consumers in India and worldwide realize the benefits of solar energy faster and more efficiently,” added Ambani.
The transaction is proposed to be completed by the end of this month.
RIL will help NexWafe accelerate product, technology and commercial development for the latest photovoltaic products. The two companies have also concluded an ‘India Strategic Partnership Agreement’ which provides for joint technology development and commercialization, on a scale, of monocrystalline “high efficiency green solar waffles.”
This will give 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.
Separately, RIL also informed the stock exchanges on Tuesday afternoon that RNESL had signed a memorandum of understanding with Danish company Stiesdal A / S with the aim of collaborating and collaborating on the completion, development and subsequent production in India of hydrogen electrolysers, which is being developed by Stiesdal. According to the MoU, Steisdal will grant a technology license to RNESL for this purpose.
Both announcements are in line with Ambani’s ambitious plans to invest 75,000 crore rupees over the next three years to build a new clean energy company to fuel the conglomerate’s commitment to be net carbon neutral by 2035.
The plan includes three parts – a core investment of Rs 60,000 in four giga factories that will produce and fully integrate all critical components for the company; an investment of Rs 15,000 crore in building the value chain, partnerships and future technologies, including upstream and downstream industries; and rebuilding the company’s technology, project management and building capabilities for clean energy.
On Sunday, RIL announced two acquisitions in the space for clean energy through its arm Reliance New Energy Solar. The company said it will acquire 100% stake in China National Bluestar (Group) Co. solar panel manufacturer REC Solar Holdings AS (REC Group) for a business value of $ 771 million (approximately Rs 5,802 crore). RIL also announced the acquisition of a 40% stake in Sterling & Wilson Power, which is in engineering, procurement and construction for solar energy projects.
Prior to this, in August, RIL made its first strategic move in the renewable energy sector with a $ 50 million investment in Ambri Inc.
“With RIL’s plan for solar production, we are now incorporating the planned capital for solar capacity of up to $ 5 billion into our model,” HSBC Global Research said on Tuesday, ahead of the latest announcement.
“We are also adjusting our estimates to take into account improved refining margins and faster purchases of telecom subscribers. This results in a 5-13% increase in our revenue estimates and a 15% increase in our target price.”
The broker maintained its ‘hold’ rating on shares of RIL, but increased the price target to Rs 2,350 a share of Rs 2,050 previously.
On Tuesday, RIL shares closed at Rs 2,668.5 each on the BSE, up 0.7%.