Solar Module Manufacturer Navitas Raises $5 Million in Funding
The funding will be used to increase the company’s manufacturing capacity
Gujarat-based solar module manufacturer Navitas Solar has secured $5 million in funding, which will be used to increase its manufacturing capacity by 1.2 GW.
The funding round involved the participation of a group of high-net-worth individuals (HNIs) who were advised by RSM-Lemon Consultech.
The lead investors in the round were the promoters of Parishi Diamond Group, who acted as the anchor investor and contributed over 50% of the total funding. Lemon Emerging Ventures LLP and other HNI investors also participated in the funding round.
The company’s director and co-founder, Vineet Mittal, said the proposed increase in manufacturing capacity would help meet the growing demand for solar power projects.
According to Nirav Jogani, the Vice-Chairman of Lemon Consultech, the decision to invest in Navitas Solar was based on the highly scalable nature of its business model, as well as the expertise and enthusiasm of its young team of founders. Jogani expressed confidence in the company’s growth potential and ability to succeed.
Aaryan Shah from Parishi Diamond Group, the lead investor in the funding round, said the investment aligns with India’s vision to become a net-zero country by 2070.
Navitas Solar specializes in the production of polycrystalline and mono PERC solar modules, ranging from 5 watts to 600 watts per panel.
Navitas Solar has backward and forward integration through its subsidiary Navitas Alpha Renewables and offers project execution and EPC services.
In September 2022, Navitas Alpha Renewables raised ₹70 million (~$866,041) in a seed round led by investment advisory firm Niveshaay with participation from Madhusudan Sarda, IVY Growth Associates, and others.
Solar module manufacturing has been in focus with the ‘Make in India’ initiative of the government. The manufacturing size is set to grow with the Union government approving the Ministry of New and Renewable Energy’s proposal to implement the second phase of the production-linked incentive program to achieve gigawatt-scale manufacturing of high efficiency-solar photovoltaic modules.