Surat : Navitas Green Solutions Pvt. Ltd. (Navitas Solar), a leading solar module manufacturing company that produces solar panels has raised 5 MN USD at an undisclosed valuation.
With able guidance and advisory from expert team of RSM-Lemon Consultech, a group of HNI investors participated in the funding round. Lead investors include promoters of Parishi Diamond Group (as anchor investor leading the round with more than 50%), Lemon Emerging Ventures LLP, and other HNI investors.
The leading module manufacturing company will use the funds for expanding manufacturing capacity by another 1.2 GW p.a.
“We are thrilled by the successful completion of our funding round as we embark on the next phase of growth. The faith shown by the investors upon us is a vindication of the strong foundation we have laid for Navitas Solar in the last ten years. The funding will allow us to expand our manufacturing capacities and meet the growing demand for solar power projects. It also gives a big boost to our ambitions to develop the most efficient and reliable solar modules and emerge as a global player,” said Vineet Mittal, Director & Co-Founder, Navitas Solar.
“We have studied the business model of Navitas in detail and found it highly scalable. The enterprising nature combined with relevant expertise and enthusiasm of their young team of founders gave us the confidence to invest and participate in their growth story.” Said Nirav Jogani, Vice-Chairman of Lemon Consultech.
Aaryan Shah from Parishi Diamond Group, the lead investor in this round says “Navitas is the perfect partner for our investment in renewable energy. The team has proven itself and we are excited to partner them in their next phase of growth. As socially conscious investors we are glad to participate in our Prime Minister’s vision for becoming a Net zero country by 2070.”
About Navitas Green Solutions:
Founded in 2013 by young entrepreneurs Vineet Mittal, Sunay Shah, Ankit Singhania, Aditya Singhania and Saurabh Aggarwal, Navitas Solar aims to set a new benchmark in the solar space The company has achieved a CAGR of 30% from 2015 to 2023.
With a total manufacturing capacity of 500 MW p.a., Navitas Solar is one of the leading solar module manufacturers in the country. Navitas Solar is specialized in the production of polycrystalline and Mono PERC solar modules ranging from 5 watts to 600 watts per panel. Notably, Navitas Solar is amongst the few solar module-manufacturing companies in the country to have backward and forward integration, distinguishing it from its competitors. Backward integration is provided by its subsidiary company called Navitas Alpha Renewables Pvt. Ltd. (NARPL), which manufactures EVASheets, while forward integration is provided by project execution & full-fledged EPC services for residential, commercial and industrial clients on rooftop as well as open access solar parks. Navitas Solar is ranked amongst the top 10 Indian solar manufacturers by JMK Research & Analytics. The next phase of expansion will take Navitas Solar to 3 GW per annum shortly.
Navitas Solar has more than 800 customers pan India, including governments, semi-government bodies, and commercial enterprises, and has catered to some of the largest Indian brands, including customers from USA.
Leading in the solar module manufacturing, Navitas Solar has successfully established its footprints in nooks and corners of the country. The company is actively spreading its reach in the global market as well in the USA, EU and Africa. Their credibility is supported by distinguished certifications like IEC, ISO, ERDA, BIS & MNRE. The company is working hard to contribute towards the worldwide clean energy movement through realistic solutions.
