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Waaree and CubicPV Enter into Multi-Year Supply Agreement for Silicon Cells

Waaree Energies Ltd., the Mumbai headquartered solar panel manufacturer and US-based CubicPV have entered into a multi-year supply agreement in which CubicPV will annually supply 1 GW of silicon cells to Waaree. These solar cells will be manufactured domestically by CubicPV.

Waaree to Procure CubicPV’s Direct Wafer Technology-based Solar Cells

Waaree India will use solar cells made with wafers using CubicPV’s proprietary Direct Wafer technology. In Direct Wafer technology, CubicPV produces wafers in one step, directly from a molten bath of silicon. CubicPV claims this makes its solar cells more economical in comparison to cells manufactured using traditional wafer manufacturing process.

Expressing his views Mr. Frank van Mierlo, CEO, CubicPV, said “Our Direct Wafer technology is the ideal solution for India’s domestic utility market and Waaree, by choosing this technology over generic methods, is setting the tone for an Indian manufacturing future that makes better use of materials, requires less energy and is defined by high efficiency”.

CubicPV and Waaree to benefit mutually from Domestic Ecosystem

CubicPV had announced in July 2021 to set up a 2 GW capacity solar cell manufacturing unit in India with an investment of $350 million. Now, its partnership with Waaree will not only strengthen confidence in the India-centric investment plan but also give it a strong ally who already has good presence in Indian solar industry.
Waaree will benefit from CubicPV’s domestic supply line and also get some level of immunity with respect to the logistics challenges and volatile commodity pricing of imported solar cells.

An official press release from Waaree stated “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”.

Expressing his views Mr. Hitesh Doshi, Chairman and MD, Waaree Group said “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 benefits 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”.

About Waaree: Waaree Energies Ltd. is part of Waaree Group, founded in 1989 with headquarters in Mumbai, India. Waaree Energies is involved in EPC services, project development, rooftop solutions solar water pumps and also as an Independent Power Producer. It has Solar PV Module manufacturing capacity of 2 GW at its plants in Surat and Umbergaon in Gujarat. Waaree Group employs around 2,500 people across India.