- CubicPV and Waaree Energies have entered a multi-year silicon cell supply contract for India
- Waaree will purchase 1 GW cell capacity every year from CubicPV during the duration of the agreement
- Produced by CubicPV in India, Waaree will deploy the capacity for use in Indian utility scale projects
US based solar cell producer CubicPV has landed itself a 1 GW silicon cell supply contract per year, under a multi-year agreement whose duration was not defined, with Indian module maker Waaree Energies.
CubicPV will attempt the supply from its local India fab, whose details are yet to be revealed by the company, which would provide a ‘level of immunity’ to the deal from logistics challenges and volatile commodity pricing dogging imports.
Formed as a joint venture between direct wafer technology company 1366 Technologies and printed perovskite solar manufacturer Hunt Perovskite Technologies in June 2021, CubicPV produces tandem solar cells (see US Direct Wafer & Perovskite Producers Merge: CubicPV).
Waaree will use these cells for its modules targeting utility scale market of India. This would be CubicPV’s 1st solar cell deal in the Indian market.
“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,” said CubicPV CEO Frank van Mierlo.
CubicPV counts among its investors American module maker First Solar, Inc that’s also building a 3.3 GW solar module fab in India’s Tamil Nadu (see $500 Million Loan For India’s Solar Manufacturing).
One of the early entrants to Indian solar manufacturing, Waaree Energies is planning to raise INR 15 billion via initial public offering (IPO) to fund its capacity expansion plans as it aims to expand existing capacity by a 2 GW solar cell and 1 GW module fab in Gujarat, up from 2 GW module capacity (see India PV News Snippets).