Navitas Green Solutions (Navitas Solar), a manufacturer of solar modules, intends to increase production capacity from the current 500 megawatt per year to 1.2 gigawatt per year. The company, which is situated in Surat, claimed to have raised USD 5 million (about Rs. 41 crore) at an undisclosed value.
"As we start the next stage of our expansion, we are happy that our investment round was a success. The investors' confidence in us is proof of the solid foundation we have built for Navitas
Solar over the past 10 years, according to Vineet Mittal, director and co-founder of Navitas Solar. The money would enable us to increase our production capabilities and satisfy the rising demand for solar power projects. Participants in the investment round included a number of HNI investors. The Parishi Diamond Group promoters, Lemon Emerging Ventures LLP, and other investors are among the lead investors, the business said in a statement.
"The money will be utilised to add another 1.2 GW per year to manufacturing capacity. The manufacturing capacity is 500 MW annually at this time, according to Mittal. The business also intends to export its goods to the US, the EU, and Africa.
"Navitas is the ideal co-investor for our renewable energy initiative. We are forward to work with the team as they enter their next stage of growth because they have demonstrated their worth. As socially responsible investors, we are pleased to support our Prime Minister's goal of having a Net Zero nation by 2070, according to Parishi Diamond Group's Aaryan Shah. According to a press statement from the company, JMK Research and Analytics put Navitas Solar among the top 10 solar panel producers.
