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					</table><p>Gujarat-based solar module manufacturer <a href="https://navitassolar.in/" target="_blank" rel="noopener">Navitas Solar</a> has secured $5 million in funding, which will be used to increase its manufacturing capacity by 1.2 GW.</p>
<p>The funding round involved the participation of a group of high-net-worth individuals (HNIs) who were advised by <a href="https://www.rsm.global/india/" target="_blank" rel="noopener">RSM-Lemon Consultech</a>.</p>
<p>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.</p>
<p>The company&#8217;s director and co-founder, Vineet Mittal, said the proposed increase in manufacturing capacity would help meet the growing demand for solar power projects.</p>
<p>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&#8217;s growth potential and ability to succeed.</p>
<p>Aaryan Shah from Parishi Diamond Group, the lead investor in the funding round, said the investment aligns with India&#8217;s vision to become a net-zero country by 2070.</p>
<p>Navitas Solar specializes in the production of polycrystalline and mono PERC solar modules, ranging from 5 watts to 600 watts per panel.</p>
<p>Navitas Solar has backward and forward integration through its subsidiary Navitas Alpha Renewables and offers project execution and EPC services.</p>
<p>In September 2022, Navitas Alpha Renewables <a href="https://www.mercomindia.com/navitas-alpha-raises-%E2%82%B970-million-seed-round" target="_blank" rel="noopener">raised</a> ₹70 million (~$866,041) in a seed round led by investment advisory firm Niveshaay with participation from Madhusudan Sarda, IVY Growth Associates, and others.</p>
<p>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 <a href="https://mercomindia.com/tranche-ii-of-production-linked-incentive-program-for-solar-modules/" target="_blank" rel="noopener">approving</a> 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.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Solar Module Manufacturer Navitas Raises $5 Million in Funding


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					</table><p>Solar Ethyl Vinyl Acetate (EVA) manufacturer <a href="http://www.navitasalpha.com/" target="_blank" rel="noopener">Navitas Alpha Renewables</a> (NARPL) has raised ₹70 million(~$866,041) in a seed round led by investment advisory firm <a href="https://www.niveshaay.com/" target="_blank" rel="noopener">Niveshaay</a> with participation from Madhusudan Sarda, <a href="https://ivygrowth.co.in/" target="_blank" rel="noopener">IVY Growth Associates</a>, and others.</p>
<p>The funding will be used to add capacity and strengthen the company’s R&amp;D initiatives. The company plans to work on new products like Polyolefin Elastomer (POE) encapsulants to gain an edge in the industry. A part of the capital will also be used to ramp up testing capabilities and improve the product&#8217;s value proposition.</p>
<p>&#8220;With the backing from Niveshaay, in addition to our existing investors, we are well on our way to capitalizing on the opportunity and becoming an industry leader,&#8221; said Akshay Agarwal, Director of NARPL.</p>
<p>NARPL is a joint venture between Navitas Green Solutions (<a href="https://navitassolar.in/" target="_blank" rel="noopener">Navitas Solar</a>) and Gujarat-based packaging and container manufacturers <a href="https://www.linkedin.com/company/alpha-group-india/?originalSubdomain=in" target="_blank" rel="noopener">Alpha Plastomers</a>. The company operates a manufacturing facility in Surat, with an aggregate installed capacity of 600 MW as of June 30, 2022.</p>
<p>With its foray into manufacturing in 2020, the company builds EVA encapsulant films (a critical input in solar modules) and supplies the product to solar module manufacturers.</p>
<p>NARPL recently entered into a technical partnership with a domestic EVA line manufacturer, allowing the company to co-develop an exclusive low-cost, higher-efficiency manufacturing technology than current alternatives.</p>
<p>&#8220;Given the enormous potential of the renewables sector and the NARPL team&#8217;s relentless pursuit of success, this investment seems an ideal way to support India&#8217;s transition to sustainable energy. We at Niveshaay are excited to help the NARPL team take advantage of the growing solar opportunities in the country,&#8221; said Arvind Kothari, Founder of Niveshaay.</p>
<p>Solar module manufacturing has been the center of attention in India with the ‘Make in India’ initiative. The manufacturing size is set to grow with the Centre <a href="https://mercomindia.com/tranche-ii-of-production-linked-incentive-program-for-solar-modules/" target="_blank" rel="noopener">approving</a> the Ministry of New and Renewable Energy&#8217;s proposal to implement the second phase of the production-linked incentive program to achieve gigawatt-scale manufacturing of high efficiency-solar photovoltaic modules.</p>
<p>According to Mercom India&#8217;s <a href="https://mercomindia.com/product/q2-2022-india-solar-market-update" target="_blank" rel="noopener">Q2 2022 India Solar Market Update</a>,  investments in the Indian solar sector were up by 24.8% year-over-year in Q2 compared to $2.26 billion (~₹182.68 billion) in Q1 2022.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
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<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Solar EVA Manufacturer Navitas Alpha Raises ₹70 Million in a Seed Round

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