Reliance New Energy Solar (RNESL), the wholly-owned subsidiary of Reliance Industries (RIL), will invest 25 million euros ($ 29 million) in Germany’s NexWafe GmbH, which has a proprietary technology that can cut the cost of producing photovoltaic cells
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Reliance Industries (RIL) share price rose in the early trade on October 13 after the company announced an investment in the Germany-based company in its clean energy push.
“Reliance New Energy Solar (RNESL), the wholly-owned subsidiary of Reliance Industries (RIL), will invest 25 million euros (USD29 million) in Germany’s NexWafe GmbH, the company said in a release.
RNESL has entered into an agreement with NexWafe GmbH, which produces high-efficiency monocrystalline silicon wafers, for acquiring 86,887 series C preferred shares of a face value of EUR 1 each at a price of EUR 287.73 per share aggregating EUR 25 million.
NexWafe has a proprietary technology that can drastically reduce the cost of producing photovoltaic (PV) cells. The technology can make “solar photovoltaics the lowest-cost form of renewable energy available”.
RNESL will also be issued 36,201 warrants which are exercisable for a sum of 1 euro each subject to achievement of agreed milestones, the company said in an exchange filing.
The transaction is proposed to be completed by end of October 2021.
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RIL also announced that RNSEL had partnered with Stiesdal A/S to develop and manufacture hydrogen electrolysers. RNESL has been given the licence for this, it said in an exchange filing.
Stiesdal is a Danish company that develops and commercialises technologies on climate-change mitigation.
On October 10, Reliance New Energy Solar Ltd (RNESL) announced its acquisition of Norway-headquartered REC Solar Holdings AS (REC Group) and also said it will acquire 40 percent of Sterling and Wilson Solar Ltd (SWSL).
At 0921 hours, Reliance Industries was quoting at Rs 2,680.85, up Rs 12.30, or 0.46 percent on the BSE.
The share touched a 52-week high of Rs 2,724.70 on October 11, 2021 and a 52-week low of Rs 1,830 on January 29, 2021. It is trading 1.61 percent below its 52-week high and 46.49 percent above its 52-week low.
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