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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">
<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 EVA Manufacturer Navitas Alpha Raises ₹70 Million in a Seed Round

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