Indian Multi-Billionaire Invests Big in German Solar Technology

October 2021

Mukesh Ambani, known as the richest person in Asia, is putting up EUR 25 million of a EUR 39-million-total financing round for German company NexWafe. The spinout of the Fraunhofer Institute for Solar Energy Systems ISE produces silicon wafers for photovoltaic systems.

Ambani has set himself the personal goal of increasing India’s solar capacity by 100 gigawatts between now and 2030. Ambani’s Reliance Industries is India’s largest private company, and the investment was made by its subsidiary Reliance New Energy Solar.

“Our investment in NexWafe signals an important step towards accelerating India’s green energy transition and positioning India as a global leader in photovoltaic manufacturing,” said Ambani in a statement. “We believe NexWafe’s innovative ultra-thin wafer will give solar manufacturers a significant advantage over existing photovoltaic technologies, helping consumers in India and globally realize the benefits of solar energy more quickly and more efficiently.”

“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,” added NexWafe Chairman Bart Markus.

© NexWafe