Ahmedabad : Solar module manufacturing company Navitas Green Solutions (Navitas Solar) is planning to expand manufacturing capacity by another 1.2 gigawatt per annum from 500 megawatt per annum at present.
The Surat-based company on Thursday said that it has raised USD 5 million (about 41 crore) at an undisclosed valuation.
“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,” said Vineet Mittal, Director & Co-Founder, Navitas Solar.
The funding will allow us to expand our manufacturing capacities and meet the growing demand for solar power projects, he told reporters here.
A group of HNI investors participated in the funding round. Lead investors include promoters of Parishi Diamond Group, Lemon Emerging Ventures LLP and others, the company said in a statement.
“The funds will be used for expanding manufacturing capacity by another 1.2 GW p.a. At present the manufacturing capacity is 500 MW per annum,” Mittal said.
The company is also planning to export its products to countries like the US, EU and Africa.
“Navitas is the perfect partner for our investment in renewable energy. The team has proven itself and we are excited to partner with 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,” said Aaryan Shah from Parishi Diamond Group.
Navitas Solar was ranked among the top 10 solar panel manufacturers by JMK Research and Analytics, it said in the release.
Source: PTI
