Reliance New Energy Solar to invest in NexWafe as strategic lead investor

Freiburg (Germany), NexWafe GmbH (NexWafe) on Tuesday announced the induction of Reliance New Energy Solar Ltd (RNESL), a wholly-owned subsidiary of Reliance Industries Ltd, as a strategic lead investor in its 39 million euros ($45 million) Series C financing round with an investment of 25 million euros ($29 million) in phase one.

The investment by Reliance will accelerate product and technology development for NexWafe, including completion of the commercial development of NexWafe’s solar photovoltaic products on prototype lines in Freiburg.

Reliance and NexWafe have also entered into an India Strategic Partnership Agreement providing for joint technology development and commercialisation, at scale, of high- efficiency monocrystalline “green solar wafers”.

ET Energy World
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