Reliance New Energy Solar Limited (RNESL), a wholly owned subsidiary of Reliance Industries Limited (RIL), has announced significant partnerships. In a statement released late Tuesday, RNESL said it would invest 25 million euros in Germany’s Nexwaffe. In addition, the company also announced a strategic partnership with Denmark’s Steesdal. According to Reliance, the investment in Nexsafe has been made as part of a strategic partnership for the Indian market.
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RNESL said in a statement that it will buy 86,887 Series-C preferred shares of Nexsafe at the rate of EUR 287.73 per share. Apart from this, 36,201 warrants will also be issued to RNESL at the rate of one Euro. Nexwave manufactures monocrystalline silicon wafers used in semiconductors. Semiconductors are employed in all kinds of electronic devices.
Commenting on the deal, Mukesh Ambani, Chairman, Reliance Industries Limited said, “Reliance has always believed in being at the forefront of technologies. Our partnership with NEXWEF testifies once again that we are embarking on an ambitious mission to address the affordable green energy needs of India’s rapidly growing economy.”
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He said, “Our investment in Nexwave is an important step towards establishing India as a global leader in photovoltaic manufacturing. We are confident that Nexwafe’s innovative ultra-thin wafer will benefit solar panel manufacturers and consumers. For Reliance, our foray into solar and other forms of renewable energy is much more than a business opportunity. It is our contribution to the global mission of saving the earth and ridding it of the climate crisis.”
In a separate announcement, RIL said that Reliance New Energy Solar Limited (RNESL) has partnered with Steesdal for development and manufacturing of hydrogen electrolysers. The agreement was recently signed during the visit of Danish Prime Minister Mette Fredriksen to India. Steesdal is a Danish company that develops technologies for climate change.