CubicPV and Waaree Energies, Ltd, have announced that they have entered into a multi-year supply agreement in which CubicPV will annually supply 1 GW of silicon cells to Waaree.
The cells will feature wafers made with CubicPV’s transformative Direct Wafer® technology, which produces wafers in one-step, directly from a molten bath of silicon. The agreement intends to strategically position Waaree to capture robust industry growth by delivering the lowest levelized cost of electricity (LCOE) to the Indian utility-scale market, an official release said.
Direct wafer technology
“Our Direct Wafer technology is the ideal solution for India’s domestic utility market and Waaree, by choosingthis technology over generic methods, is setting the tone for an Indian manufacturing future that makes better use of materials, requires less energy andis defined by high efficiency,” said Frank van Mierlo, CEO, CubicPV. “CubicPV is honoredto begin our journey in India with Waaree. The synergy between one of the leading module manufacturersin India and Cubic’s innovation agenda will create value for both companies and the solar industry in India.”
Domestic ecosystem
The partnership between the two companies aims to strengthen India’s domestic solar manufacturing ecosystem, with CubicPV providing the basis for a domestic supply line for Waaree and a level of immunity with respect to the logistics challenges and volatile commodity pricing that has defined the import market.
Also read: Waaree Energy Storage System Raises $2 Million In Seed Funding
Significant benefit
“As an early entrant in the solar industry, Waaree recognizes the value of innovation to our continued leadership position. We believe that CubicPV’s technologies will deliver significant benefit to our customers and to the Indian solar market both immediately and in the long-run. We are proud to bring a module to the market featuring domestically-produced wafers and cells manufactured with a low carbon footprint,” noted Hitesh Doshi, Chairman and MD, Waaree.
