Indian oil-to-telecoms conglomerate Reliance Industries Ltd said on Tuesday that its solar unit Reliance New Energy Solar Ltd (RNESL) will buy preferred shares of German firm NexWafe worth 25 million euros ($28.82 million).
RNESL agreed to buy 86,887 series C preferred shares of NexWafe at 287.733 euros per share, Reliance said, adding that RNESL would also be issued 36,201 warrants exercisable for one euro per warrant, subject to achievement of agreed milestones.
The investment is a part of NexWafe’s 39-million euro Series C financing round, NexWafe said in a separate statement.
The investment, expected to be completed this month, will accelerate product and technology development for NexWafe, including completion of the commercial development of NexWafe’s solar photovoltaics products on prototype lines in Freiburg, Reliance Industries said.
Reliance also entered into a partnership with NexWafe, through which the firm, led by Asia’s richest man, Mukesh Ambani, will get access to the German company’s proprietary technology and plans to build large-scale wafer manufacturing facilities in India using NexWafe processes and technology, NexWafe said.
RNESL also partnered with Denmark-based climate technology company Stiesdal A/S to manufacture HydroGen Electrolyzers that can produce hydrogen at lower cost, Reliance Industries said in a separate statement on Tuesday.
Reliance on Sunday had announced that RNESL would buy Norwegian-headquartered solar panel maker REC Solar Holdings for $771 million from China National Bluestar (Group) Co Ltd, and an up to 40% stake in India’s Sterling and Wilson Solar Ltd
The company, in its shareholder meeting in June, announced it would invest $10.1 billion in clean energy over three years in a drive to become a net carbon zero company by 2035.