With the goal of producing 60 GW of renewable energy capacity by 2032, the state-owned National Thermal Power Corporation Limited was given permission to invest INR 20,000 crore by the Cabinet Committee on Economic Affairs, which was chaired by Prime Minister Narendra Modi.
Furthermore, the Cabinet granted a unique exemption from the current investment guidelines that apply to Navratna Central Public Sector Enterprises, allowing Neyveli Lignite Corp India Limited (NLCIL) to invest INR 7,000 crore.
The subsidiary NTPC Green Energy Limited (NGEL) will receive the planned investment. After that, NGEL will invest in NTPC Renewable Energy Limited (NREL) and its other subsidiaries, going above the INR 7,500 crore previously authorised limit, which has now been raised to INR 20,000 crore.
NTPC to Boost Renewable Projects in India
The government claims that the extra money given to NTPC will support the growth of renewable energy projects in India and be essential to fortifying the nation’s electrical infrastructure, which will guarantee consistent, dependable access to electricity.
It is anticipated that investments in renewable energy projects will create both direct and indirect job possibilities for the local population. According to the government, in addition to fostering employment and socioeconomic development, it will support entrepreneurship prospects in the nation.
According to Home Minister Amit Shah, raising NTPC and NGEL’s investment restrictions in the sector to INR 20,000 crore will hasten the nation’s progress towards reaching its 2032 target of 60 GW of green energy production.
However, NLC India Ltd will be allowed to spend INR 7,000 crore in green energy thanks to a unique exemption, demonstrating India’s unwavering commitment to building a healthier earth and a greener Bharat, Shah added.
India Aligning Itself with Paris Agreement
Five years ahead of its Nationally Determined Contributions target under the Paris Agreement, India has accomplished a significant milestone by guaranteeing that 50% of its installed energy capacity comes from non-fossil fuel sources.
The current goal is to reach net zero emissions by 2070 and raise non-fossil fuel generation capacity to 500 GW by 2030. Regarding the NLCIL decision, the government stated that it would allow the government-owned company to invest INR 7,000 crore in NIRL and allow NIRL to invest in a number of projects directly or through joint ventures without needing prior approval under the current power delegation.
By reducing reliance on fossil fuels, lowering coal imports, and improving the dependability of the nation’s 24-hour power supply, the decision is anticipated to strengthen India’s status as a pioneer in green energy.
NLCIL currently oversees seven renewable energy assets that are either in the process of going commercial or have a combined installed capacity of 2 GW. After this Cabinet clearance, these assets will be given to NIRL.
Statkraft, a state-owned utility in Norway, plans to reduce yearly expenses by 15% by 2027 in order to adjust to the shifting market conditions through cost-cutting strategies that include technical refocusing and layoffs.
By 2027, the business plans to cut salaries and other operating costs by about NOK 2.9 billion (USD 290.5 million/EUR 253.2 million) a year, it announced on 19 June. It follows the utility’s statement that it will no longer pursue new green hydrogen projects and that it has adopted a “sharpened strategy” to direct cash towards its core operations.
According to CEO Birgitte Ringstad Vartdal, Statkraft must adjust to the shifting market conditions and heightened geopolitical unpredictability.
Specific Measures to be Revealed in the 2nd Half of 2025
The second part of the year will see the identification of the precise actions that the business will take.
As the energy transition slows down owing to rising global uncertainties, rising costs, and falling power prices, Statkraft plans to focus its technological efforts on its flexible hydropower fleet in the Nordics, as well as solar, wind, and battery projects in Europe and South America.
Because the offshore wind business in Europe is developing slowly, no new offshore wind projects will be undertaken. The ruling also holds true for Norway’s next Utsira Nord allocation round.
According to Vartdal, the company can sustain its development and value creation by focusing on its core competitive advantages and giving priority to investments in short-term profitable possibilities.
She clarified that some portfolios will be sold off, while short-term profitable technologies like solar, wind, and batteries in fewer areas will be prioritised.
Future Investments of Statkraft
Statkraft will evaluate its investment position in solar, wind, and batteries in Poland as part of the refocusing, and it will stop developing in Portugal while continuing to operate in both nations.
The Norwegian company plans to invest between NOK 16 billion and NOK 20 billion in maintenance projects, onshore wind projects in Sweden and Norway, and significant hydropower capacity enhancements in Norway in the upcoming years.
Although at a slower growth pace than initially anticipated, it would endeavour to extend its activities in solar, wind, storage, and grid services across Europe and South America, the company stated.
In addition to the previously announced and ongoing divestment proceedings, the aforementioned steps will affect the development business in Croatia and the Netherlands, the district heating and biofuels activities in the Nordics, and the business activities in India.
The Colombian national oil firm, Ecopetrol, agreed to purchase Statkraft’s Colombian renewable energy portfolio, Enerfín Colombia, in May 2025.
In an attempt to cut expenses while one of its companies declares bankruptcy, Sunnova Energy has let go of 718 workers, or around 55% of its workforce. In a filing on 5 June’s afternoon, Sunnova informed federal regulators that its wholly owned subsidiary, Sunnova TEP Developer LLC, had declared Chapter 11 bankruptcy on 8 June.
Companies that file for Chapter 11 bankruptcy have the opportunity to restructure their finances and continue operating. In its notice to the Securities and Exchange Commission, Sunnova stated that the bankruptcy filing “is not expected to have a material effect on our servicing operations for existing customers.”
Sunnova, once a symbol of Houston’s transformation from the oil-and-gas city to the energy transition capital more generally, has seen a sharp decline in popularity, which is reflected in the enormous layoffs and bankruptcy filing.
The company’s headquarters in Houston is also home to a large number of Sunnova’s staff. Since the start of the year, Sunnova has lost about 1,000 workers, including the over 300 workers it let go in February.
Inimical Environment for Sunnova
In March, Sunnova issued a warning to investors that there was “substantial doubt” that the company would be able to avoid going bankrupt the following year. John Berger, the company’s original CEO, left a week later.
Since then, Sunnova has been “working diligently” to obtain funding, the company wrote in a May 30 letter to the Texas Workforce Commission. However, “after extensive negotiations”, it has yet to get sufficient investor backing to prevent the mass layoffs.
According to Sunnova’s worker adjustment and retraining notification, some of its investors have “unexpectedly shut off access” to more loans, which “in turn prevents the continued origination of new solar systems and the completion of existing solar systems.”
The self-described “faltering company” claimed in the notification that Sunnova’s financial situation was further limited by its incapacity to finish current solar installations.
On May 30, the same day Sunnova delivered its letter to the Texas Workforce Commission, the mass layoffs went into effect. The letter stated that the company’s “unforeseeable business circumstances” prevented it from informing the state agency sooner.
According to Sunnova, the entire renewables business was shaken by an abrupt, unexpected, and difficult macroeconomic environment.
Lack of Strong Support and High Interest Rates Choking the Business Operations
High borrowing rates and diminished state subsidy programs have hampered Sunnova, as they have hurt other residential solar enterprises. These factors make rooftop solar technology more costly for prospective buyers.
Additionally, the US Senate is considering whether to remove federal tax subsidies for home solar systems as part of President Donald Trump’s “big, beautiful bill.” The cost of the technology would increase if those tax benefits stopped.
Sunnova claims that it was the driving force behind the Department of Energy’s recent decision to revoke the majority of its $3 billion loan guarantee. The money would have been used to support Sunnova’s now-canceled initiative to increase solar access for Puerto Ricans, low-income individuals, and those with poorer credit ratings.
Due to its $1.9 billion in debt that must be paid off in full by the end of 2028, Sunnova is particularly susceptible to these issues facing the industry.
Tata Motors has begun testing hydrogen-powered heavy-duty trucks for the first time. This development is aligned with India’s goal of having net-zero emissions by 2070. The Union Minister of Road Transport & Highways, Nitin Gadkari, and the Union Minister of New and Renewable Energy, Pralhad Joshi, officially launched this historic trial, which is a major step towards sustainable long-distance cargo transportation. Tata Motors demonstrates its dedication to spearheading sustainable transportation solutions through this groundbreaking project, which is in line with India’s larger green energy objectives. It won the contract for this trial, which is supported by the National Green Hydrogen Mission of the Ministry of New and Renewable Energy. It represents a major advancement in determining the practical and profitable feasibility of employing vehicles powered by hydrogen for long-distance transportation and in establishing the necessary supporting infrastructure to ensure their smooth functioning.
The Trial Phase
During the testing period, which might last up to 24 months, 16 sophisticated hydrogen-powered vehicles with different payload capacities and configurations will be deployed. The most well-known freight routes in India, such as those in Mumbai, Pune, Delhi-NCR, Surat, Vadodara, Jamshedpur, and Kalinganagar, will be used to test these vehicles, which are outfitted with cutting-edge hydrogen internal combustion engines (H2-ICE) and fuel cell (H2-FCEV) technologies. “Hydrogen is the fuel of the future with immense potential to transform India’s transport sector by reducing emissions and enhancing energy self-reliance,” stated Nitin Gadkari as he kicked off the trial. Initiatives like this will hasten the heavy-duty trucking industry’s shift to sustainable mobility and bring us one step closer to a productive, low-carbon future. He commended Tata Motors for spearheading this important development in the direction of hydrogen-powered smart and environmentally friendly transportation.
Girish Wagh, Executive Director of Tata Motors, emphasised the company’s readiness and stated that it is a great honour to lead India’s transition to smarter, greener, and sustainable mobility. With a long history of fostering national development, the corporation has consistently embraced innovation to create mobility solutions that support India’s expansion and advancement. Tata Motors is pleased to carry on this tradition by leading the way in the switch to clean, emission-free energy for long-distance transportation with the launch of these hydrogen truck trials today.
The Technology Opted to Design these Trucks
The vehicles that have been flagged off demonstrate both hydrogen internal combustion engine (H2ICE) and hydrogen fuel cell electric vehicle (FCEV) technology, demonstrating Tata Motors’ all-encompassing approach to hydrogen mobility. This includes the Tata Prima H.28, a cutting-edge H2ICE vehicle, and two Tata Prima H.55S prime movers, one with an H2ICE engine and the other with an FCEV engine. These vehicles, which have a 300–500 km operating range, are designed for high-performance, economical, and environmentally friendly transportation. With the high-end Prima cabin and cutting-edge driver-assist safety systems, they raise the bar for trucking safety while improving driver comfort, lowering tiredness, and increasing productivity.
Waaree Energies Ltd. stands at the forefront of India’s solar energy sector, driven by a commitment to delivering sustainable, high-quality solar solutions across the globe. Established as a leader in solar photovoltaic (PV) module manufacturing, Waaree has a vision to reduce carbon emissions and enhance the quality of life through accessible, green energy. With a robust manufacturing footprint, Waaree has quickly become India’s largest solar module producer, supporting the nation’s renewable energy goals and the global shift toward clean power. As it broadens its horizons through franchise networks and a growing portfolio of services, including engineering, procurement, and maintenance, Waaree Energies is building a comprehensive solar ecosystem. Its dedication to a sustainable future is evident in the accolades it has received, setting a benchmark in clean technology. With a clear roadmap, Waaree is set to redefine the solar energy industry in India and beyond.
Read the Waaree Energies success story, about its founders, startup story, business model, revenue model, and more.
Waaree Energies Limited is India’s leading solar PV module manufacturer, boasting a total installed capacity of 12 GW as of June 30 (CRISIL Report). Starting in 2007, WEL has focused on producing top-quality, affordable solar PV modules to help make sustainable energy accessible worldwide. By actively reducing carbon emissions,WEL is paving the way for cleaner energy solutions that positively impact quality of life. Today, the company operates four state-of-the-art manufacturing facilities across India, extending its reach to global markets. Their goal is to lead the way toward sustainable living by inspiring individuals to embrace green energy as of June 30, 2023. With a strong connection to local communities, they are dedicated to making homes safer and more eco-friendly. Through its Corporate Social Responsibility program, Waaree supports initiatives that benefit people, protect the environment, and uplift communities.
As of June 2023, Waaree has established itself as India’s leading solar module provider, with an installed capacity of 12 GW across its facilities in Chikhli, Surat, Tumb, and Nandigram, Gujarat. Waaree is also a significant player in solar module exports and has set ambitious plans for backward integration into solar cell manufacturing, aiming for substantial capacity by the close of FY24.
Waaree Energies – Industry
The Ministry of New and Renewable Energy has set a target to achieve 500 GW of non-fossil-based electricity generation by 2030, aligning with the Prime Minister’s announcement at COP26. In 2023 alone, India added 13.5 GW of renewable energy capacity, representing an investment of approximately INR 74,000 crore (US$ 8.90 billion).
Driven by strong economic growth, extreme heat waves, and the growing adoption of electric technologies like EVs and heat pumps, India’s electricity demand is projected to rise by 8% in 2024.
In the 2024-2025 Interim Budget, the allocation for solar power grid development doubled to INR 8,500 crore (US$ 1.02 billion), compared to INR 4,970 crore (US$ 0.60 billion) the previous year. Additionally, INR 17,490 crore (US$ 2.10 billion) was dedicated to the Green Hydrogen Mission and the Strategic Interventions for Green Hydrogen Transition (SIGHT) Program.
According to ICRA, India’s installed renewable energy capacity is projected to reach approximately 170 GW by March 2025, up from 136.57 GW in December 2023.
Hitesh Chimanlal Doshi is the Chairman and Managing Director of Waaree Energies.
Hitesh Chimanlal Doshi – Chairman and Managing Director, Waaree Energies
Hitesh Doshi’s journey began in a small village in Maharashtra’s Buldhana district, where he was born into a family with humble means. His father ran a modest grocery store and the village had limited amenities—electricity and telephones were rare luxuries. Education beyond the 7th standard required him to travel daily to a neighboring village by bicycle, an experience that only strengthened his resolve to overcome challenges and seek opportunities for a brighter future.
Growing up with financial constraints, Hitesh saw education as a pathway to improvement. He completed a Bachelor’s degree in Commerce from Shri Chinai College of Commerce & Economics, University of Mumbai, in 1987. His time in Mumbai, living in a hostel in Nagdevi, was transformative; he realized early on that he wanted more than a conventional job. Driven by the need for financial independence, he chose to explore trading and other small ventures while studying.
In 1985, Hitesh took his first step into the business world, determined to ease his family’s financial burden. He borrowed INR 5,000 from a relative and launched a small venture focused on trading pressure and temperature gauges. Despite balancing studies and business, his efforts paid off, earning him a profit of INR 1,000 per month—enough to cover his college fees and living expenses.
Hitesh Chimanlal Doshi’s path from a modest village to leading Waaree Group exemplifies resilience, innovation, and a visionary approach to business. His journey has not only secured his success but has also propelled Waaree Group to the forefront of India’s renewable energy industry.
Beyond business, Doshi is dedicated to social impact. Actively involved in nonprofits focused on education, he prioritizes giving back to the community and supporting those in need.
In 1989, Hitesh officially registered his company, Waaree Instruments, marking the start of his entrepreneurial journey. Initially manufacturing measuring instruments, he quickly identified the potential to diversify, adding thermometers to the product line. In 1992, Hitesh expanded further by leasing a 300 sq. ft. space in Andheri, setting up Mahaveer Thermo Equipments. This bold move laid the groundwork for what would become a remarkable venture, fueled by his vision and unrelenting determination.
With a bank loan of INR 1.5 lakh, Hitesh Doshi took the next step in growing Waaree, investing in locally sourced lath machines and assembling a small team. Initially focused on thermometers, the company soon expanded its portfolio to include a range of industrial products.
Waaree Group’s growth was fueled by strategic product diversification—expanding into pressure gauges, solar power equipment, LED lighting, and beyond. By 2007, Waaree embraced solar energy, launching a 30 MW solar module facility in Surat primarily for European clients, as the Indian market was still developing. This success led to exports across China, the U.S., and Japan.
In 2011, Waaree Group made a pivotal move by selling its manufacturing unit to Switzerland’s Baumer Group, securing capital to deepen its investment in solar technology. Building on this momentum, Waaree formed an international partnership with Zucatti in Italy to produce solar panels, highlighting Doshi’s forward-thinking approach.
Waaree continued its expansion in 2013 by acquiring Cesare Bonetti SpA, an Italian leader in level gauges and valves. This acquisition diversified Waaree’s offerings and expanded its workforce to over 200 employees across India and Italy. Today, the Waaree Group has a presence in 65 countries, with headquarters in Mumbai and offices worldwide.
Hitesh Chimanlal Doshi’s path from a modest village to leading Waaree Group exemplifies resilience, innovation, and a visionary approach to business. His journey has not only secured his success but has also propelled Waaree Group to the forefront of India’s renewable energy industry.
Waaree Energies – Mission and Vision
Vision: Waaree Energies’ vision is to make sustainable energy accessible and affordable across all markets, driving down carbon emissions and setting a foundation for a cleaner future that enhances the quality of life now and for generations to come.
Mission: Driven by their commitment to stakeholders, Waaree Energies aims to consistently elevate the quality of our products and services, ensuring continuous improvement and excellence in all we do.
Waaree Energies – Name, Tagline and Logo
Waaree Energies Logo
Waaree envisions a future powered by high-quality, affordable, and sustainable energy solutions, aiming to reduce carbon footprints and uplift the quality of life for current and future generations. Inspired by the #VocalForLocal initiative, Waaree has launched a campaign encouraging prosumerism with the tagline, “Solar lagao, Apni Bijli Swayam Banao – Atmanirbhar ban jao!” This campaign is about empowering individuals to generate their electricity through solar power, fostering a sense of energy independence. Waaree’s logo symbolizes innovation and commitment to sustainable energy, with a design that reflects its focus on solar power and a brighter, greener future.
Waaree Energies – Business Model
Waaree Energies is a leading Indian solar PV module manufacturer with a comprehensive business model that spans across:
Manufacturing: Waaree Energies produces solar PV modules using advanced technologies such as multicrystalline, monocrystalline, and TopCon. The company operates four manufacturing facilities in India and is expanding globally with a new plant in the US.
Sales: Waaree Energies markets its products through direct sales to businesses, a retail network of franchises, and international exports.
Services: Waaree Energies offers a range of services, including Engineering, Procurement, and Construction (EPC), Operations and Maintenance (O&M), and the trading of ancillary solar products.
Research and Development: The company invests in R&D to develop more efficient and cost-effective solar solutions.
Geographic Expansion: Waaree Energies is actively exploring international markets to expand its global presence.
Government Initiatives: Waaree Energies leverages national and state-level solar energy policies, including the National Solar Mission, to further its growth.
Diversification: The company is diversifying its offerings by including solar storage solutions and EV charging infrastructure, aiming for a more sustainable energy future.
Waaree Energies – Revenue Model
Waaree Energies’ revenue model is built around multiple streams that support its solar energy business:
Direct Sales: The company sells solar products directly to enterprises, ensuring tailored solutions for large-scale projects.
Retail Sales: Waaree Energies utilizes a franchisee network to cater to rooftop installations and MSME customers, expanding its reach to local markets.
Exports: The company exports its solar products, primarily to the United States, tapping into the international market.
EPC Revenue: Waaree Energies generates revenue from providing Engineering, Procurement, and Construction (EPC) services to domestic utilities and enterprise clients, ensuring efficient installation of solar systems.
O&M Services: The company offers Operations and Maintenance (O&M) services to maintain and optimize solar plants, contributing to their long-term performance.
Ancillary Product Trading: Waaree Energies also trades in ancillary products related to the solar industry, diversifying its offerings.
Export Incentives: The company capitalizes on export incentives, helping boost its international sales.
Scrap Sale: Waaree Energies generates additional revenue from the sale of scrap materials, maximizing value from all aspects of its operations.
Waaree Energies – Challenges Faced
Waaree Energies, despite being the largest manufacturer of solar PV modules in India with a significant installed capacity of 12 GW as of June 30, 2023, faces several challenges that could impact its operations and growth:
Dependence on the U.S. Market: Waaree Energies has seen significant growth in export sales, especially to the United States, which accounted for 98.67% of its export sales in FY23. This heavy dependence on a single international market poses a risk. Changes in U.S. policies, such as trade tariffs, regulatory adjustments, or shifts in demand, could lead to a substantial revenue loss, leaving the company vulnerable to market fluctuations beyond its control.
Regulatory and Policy Changes: The company operates in a highly regulated industry, dependent on favorable government policies and incentives that support the growth of the solar energy sector. Any adverse changes, including the reduction or elimination of incentives, changes in renewable energy regulations, or delays in approvals, could negatively impact Waaree Energies’ business. Furthermore, such shifts may increase compliance costs, require additional management resources, and potentially hinder new solar projects or reduce profitability.
Solar Module Pricing Volatility: Waaree Energies faces considerable risks from fluctuations in solar module prices. While prices surged in FY22 and FY23, they saw a sharp 21% decline in early FY24 due to an oversupply of key components such as polysilicon. Although the company attempts to mitigate this risk through indexed pricing mechanisms, unexpected price drops could strain profit margins and affect revenue realization from ongoing contracts, making it challenging to maintain stable profitability.
Material Cost Volatility: The company is heavily reliant on external suppliers for essential materials like solar cells, and glass and aluminum panels. Price volatility in these materials, driven by factors such as global market trends, currency fluctuations, and import duties, could escalate material costs. If Waaree Energies cannot secure stable and competitively priced materials, its operating margins could suffer, potentially eroding profitability and affecting its ability to maintain cost-effective production.
Waaree Energies – Funding and Investors
Waaree Energies has attracted substantial funding and investment, reflecting strong confidence in its growth potential within the solar energy sector. Their last funding round was on August 2, 2023.
Waaree Energies has pursued strategic mergers and acquisitions to expand its market reach and strengthen its position in the renewable energy sector.
Name
Total Equity
Current Stage
LEO 1
$41.7M
Series B
Waaree Energies
$263M
Public
Vidyakul
$2.76M
Seed
Kashware
$1.26M
Seed
Avishkaar
$1.53M
Seed
Gold Farm
$2.58M
Seed
cesare-bonneti.it
–
Acquired
Waaree Energies – Growth
Waaree Energies Financials
FY23
FY24
Operating Revenue
INR 6750 crore
INR 11397 crore
Total Expenses
INR 6162 crore
INR 10239 crore
Profit before Tax
INR 677 crore
INR 1734 crore
Waaree Energies has experienced impressive financial growth, with its revenue expanding at a remarkable 54% CAGR, from INR 1,996 crore in FY20 to INR 11,397 crore in FY24. This growth has been accompanied by a 107% CAGR in net profit, indicating strong demand for its products and effective market expansion strategies.
The company’s operating profit margin improved significantly, rising from 5% in FY20 to 14% in FY24, underscoring its enhanced cost efficiency and the benefits of economies of scale. The adoption of advanced technologies like TopCon solar modules has further bolstered margin growth.
Waaree Energies Financials FY24
Waaree Energies’ operating revenue grew by 69%, from INR 6,750 crore in FY23 to INR 11,397 crore in FY24. Total expenses increased by 66%, from INR 6,162 crore to INR 10,239 crore. Profit before tax jumped by 156%, from INR 677 crore to INR 1,734 crore.
In FY24, Waaree achieved an exceptional ROCE of 43.6% and ROE of 33.4%, reflecting efficient capital utilization and robust profitability. These stellar returns demonstrate the success of Waaree’s growth strategy and its ability to generate high returns for its stakeholders.
Waaree Energies is now India’s largest manufacturer and exporter of solar modules, with a capacity of 13.3 GW—a sixfold increase from 2 GW in FY21. The company holds a 21% market share in India and commands a 44% share of India’s solar module exports, solidifying its position as a dominant player in the industry.
Waaree Technologies – IPO
Waaree Energies launched its highly anticipated IPO from October 21–23, 2024, with a price range of INR 1,427–INR 1,503 per share and a lot size of 9 shares. The total issue size was 28,752,095 shares, aggregating to INR 4,321.44 crore. The IPO witnessed overwhelming demand, being subscribed 76.34 times, with retail investors booking 11.27 times, non-institutional investors (NIIs) 65.25 times, and qualified institutional buyers (QIBs) an impressive 215.03 times. On October 28, 2024, their shares were listed on the BSE and NSE at a premium, soaring 66.33% on the NSE and 69.66% on the BSE, reflecting strong investor confidence in the company’s legacy and growth potential.
Waaree Energies – Advertisements and Social Media Campaigns
Waaree Energies has partnered with Carat India, a Dentsu company, to amplify its commitment to sustainability and cleaner energy. Under this partnership, Carat India will manage Waaree’s television media strategy exclusively across India, while also assisting in planning and buying for print, radio, and digital platforms. Posterscope, Dentsu’s OOH specialist, will handle out-of-home advertising.
Nilesh Malani, Chief Marketing Officer at Waaree Energies, expressed that choosing Carat as their media partner is a strategic decision to enhance Waaree’s brand presence and promote sustainable innovation throughout India.
Waaree Energies – Awards and Achievements
Waaree Energies has garnered multiple awards, highlighting its commitment to excellence and leadership in the solar industry. Among its notable achievements are:
REI Company of the Year and REI Jury Recognition Leadership in Solar Manufacturing awards at the 16th Renewable Energy India Expo.
In the 2023 PV Module Reliability Scorecard by PVEL, Waaree was recognized as a Top Performer for its reliable solar modules.
Other recognitions include the Long Association Award from Enerparc Energy and India’s Greatest Brand honor by AsiaOne.
Economics Times Best Brand Award
Make in India Awards for Excellence
Additionally, Waaree Chairman Dr. Hitesh Doshi won the World CleanTech Award for Visionary Individual in 2021
Waaree Energies – Competitors
Waaree Energies operates in a highly competitive landscape within India’s solar energy industry, with several notable competitors:
Tata Power Solar Systems
Vikram Solar
Adani Mundra Solar
Goldi Solar
KPI Green Energy
SWELECT Energy Systems
Waaree Energies – Future Plans
Waaree Energies Ltd. has outlined a strategic plan focused on growth, innovation, and sustainable energy advancements:
Rooftop Solar (RTS) Expansion: Waaree expects rooftop solar to become a substantial revenue stream, projected to account for at least 30% of total revenue in the coming years. CEO Amit Paithankar highlighted RTS as pivotal to Waaree’s growth, forecasting it to significantly boost its revenue and align with India’s 100 GW RTS goal by 2030, despite associated challenges.
Global Expansion: The company is building a 3 GW solar module manufacturing facility in the U.S., with 1.6 GW slated to be operational by March 2025. Waaree also aims to penetrate the European Union and Middle Eastern markets to enhance its global presence.
Manufacturing Capacity Increase: Waaree plans to raise its solar module manufacturing capacity from 13.3 GW to 21 GW by 2027, aiming to meet domestic and international demand.
Operational Diversification: Establishing a U.S. manufacturing facility marks a significant move to localize production, providing flexibility and logistical advantages.
Hydrogen Exploration: Committed to clean energy innovation, Waaree is exploring hydrogen technologies as part of a broader effort to create a sustainable energy ecosystem.
FAQs
What is Waaree Energies?
Waaree Energies is one of India’s leading solar energy companies. It specializes in manufacturing solar panels, providing solar energy solutions, and offering engineering, procurement, and construction (EPC) services.
When was Waaree Energies founded?
Waaree Energies was founded in 1989 and is headquartered in Mumbai.
Who is Waaree Energies founder?
Hitesh Chimanlal Doshi is the Chairman and Managing Director of Waaree Energies.
Who are the main competitors of Waaree Energies?
The main competitors of Waaree Energies include Tata Power Solar Systems, Vikram Solar, Adani Mundra Solar, Goldi Solar, KPI Green Energy, SWELECT Energy Systems, and more.
Waaree Energies is led by the visionary Chairman and Managing Director Hitesh Chimanlal Doshi, who has not only changed the face of Indian solar but has also set an example of entrepreneurship. He was born on Feb 22, 1967, in a small village, Tunki, in Maharashtra, where he grew up in an economic and resource-poor family.
Doshi had a dream to make a better future for himself and to be part of constructing India’s energy needs. What started as a small venture manufacturing pressure and temperature gauges has evolved into a colossal enterprise: India’s largest solar energy company, Waaree Energies.
In this StartupTalky story, we will cover his early life, his struggles, Waaree Group’s founding, and more. We will look at how innovative Hitesh Doshi has been in becoming a business tycoon. We will also learn about the investments made, controversies, and remarkable recognitions he has achieved for his role in India’s renewable energy sector.
Biography
Name
Hitesh Doshi
Born
February 22, 1967
Birth Place
Tunki, Maharashtra
Education
Khoteawar Maharaj Vidhyalay Eklara Buldhana Bachelor’s Degree in Commerce, Shri Chinai College of Commerce & Economics, University of Mumbai. Doctorate in professional entrepreneurship in business project management, European Continental University
Hitesh Doshi – Chairman and Managing Director of Waaree Energies
The founder of Waaree Group, Hitesh Chimanlal Doshi, comes from a modest background in the Buldhana district of Maharashtra, India. Doshi grew up in a village without electricity or telephones. The family was always under financial constraint, and his father had a small grocery store, but he kept plugging away to build a better future.
Education was a way to provide Doshi with avenues of opportunity; however, his village school taught up to only the 7th grade. Doshi had to cycle daily to a nearby village to pursue further studies. It didn’t scare him; it motivated him to forge beyond the walls of his upbringing. Doshi later went to Shri Chinai College of Commerce & Economics at the University of Mumbai and graduated with a bachelor’s degree in commerce in 1987.
Doshi spent his college years in a hostel in Nagdevi, Mumbai, where he began his entrepreneurial career. Doshi soon became aware that financial independence is important, so he traded and ran a bit of business to keep himself, picking up valuable skills and experience that would one day help him in the renewable energy sector.
Doshi started his first business with a small loan of INR 5,000 from a relative, manufacturing pressure and temperature gauges. The Waaree Group took this modest beginning as a big step towards its success.
Founding Waaree Energies was a bold step into the renewable energy sector by Hitesh Doshi. Doshi’s company began producing temperature and pressure gauges for industrial uses and soon realized a burgeoning business niche in solar energy. Globally, there is an increasing demand for alternative, sustainable energy solutions, which was a crucial time for India’s energy landscape.
In the early days of Waaree Energies, Doshi spent most of his time creating solar modules. At this time, India was not a major player in the global solar market, and domestic manufacturers were few. As Doshi led Waaree Energies, it managed to carve a space for itself as a niche player in India’s solar market, providing high-quality products for both the residential and industrial markets.
Seeing increasing demand for clean energy all over the world, Waaree Energies began scaling up its operations. The company expanded its solar module manufacturing capability in the mid-2000s and gained a reputation for reliability and quality. Doshi, however, helped Waaree Energies become a leader in India’s solar energy sector even in the face of stiff competition from international players, especially China.
Doshi recognized Waaree’s footprint beyond India, and he realised that the company had the potential to tap into global markets. Government incentives to encourage renewable energy adoption allowed the company to begin exporting solar modules to places like the U.S. The turning point for Waaree was that it was able to reach more lucrative international markets and spread its revenue base.
In 2015, Doshi was instrumental in setting up Waaree Energies’ modern solar module manufacturing facility in Tumb, Gujarat. Investment in the plant was INR 8,000 crore, and it became one of the largest solar panel manufacturing facilities in India. This was a huge expansion, which helped Waaree to increase its production capacity and to serve better the rising domestic and international demand for solar panels.
By 2018, Waaree Energies had become a leader in India’s solar sector. It gained a reputation as a high-performance solar panel company that was trusted across residential and commercial markets. However, Waaree’s expansion was not only manufacturing; it also included a push into solar power generation and EPC services, which were vital to meet the requirements of large-scale infrastructure projects.
Waaree Energies, under Doshi’s leadership, filed for an initial public offering (IPO) on the Bombay Stock Exchange (BSE). This was a big step for the company and a marker of readiness for the next stage. The Waaree Energies IPO generated INR 2,800 crore (around $514 million), which became one of the major investments by Doshi and his company. The IPO was meant to raise capital to expand production capacity and advance research and development, as India pushed for more renewable energy.
Waaree, a part of Waaree Bluegrip, a wholly owned subsidiary of the Waaree Group, headquartered in Rajkot, India, continued its international growth strategy through solidification of the company’s position in the U.S. market. Waaree took advantage of the U.S. government’s clean energy focus by offering high-quality, competitively priced solar products free from Chinese influence, Doshi said. Waaree’s strategic move helped it gain a competitive advantage in one of the biggest solar markets in the world.
Under the leadership of Doshi, Waaree Energies focused on innovation and brought new solar technologies to market to improve efficiency and costs. The company started to concentrate more on the development of high-efficiency solar modules to fortify India’s position as a global leader in renewable energy.
To date, Waaree Energies, under the leadership of Hitesh Doshi, has been expanding and innovating. As a leading contributor to India’s renewable energy goals, the company has played an important role in India’s aspiration to reduce its reliance on fossil fuels and achieve greater energy independence. Doshi has been instrumental in pushing the boundaries of sustainable manufacturing in India’s solar landscape, and Waaree’s impact on India’s solar landscape is undeniable.
Hitesh Doshi – Investments
The Chairman of Waaree Energies, Hitesh Chimanlal Doshi, has been investing heavily in the renewable energy sector through his company, Waaree Energies. Solar cell manufacturing is the company’s focus, and it has emerged as a leading player in the Indian energy landscape, with a manufacturing capacity of 12,000 MW installed. Doshi’s family also owns a large stake in Waaree Renewable Technologies and Waaree Technologies, both listed companies in engineering and energy storage solutions.
After ten years, the Government of India’s “Make in India” campaign has demonstrated its effectiveness in stimulating investment, encouraging creativity, and developing top-notch infrastructure to turn India into a center for manufacturing, design, and innovation. It still has a major influence on the nation’s development of a strong manufacturing base for renewable energy. The government’s assistance and incentive program for domestic production in the renewable energy sector is one of its main priorities. India is a major player in the renewable energy manufacturing area because its renewable energy equipment manufacturing industry is well-positioned to meet domestic demand and service the worldwide market through exports.
Pralhad Joshi, the Union Minister of New and Renewable Energy, posted on X India’s #10YearsOfMakeInIndia has profited greatly from the country’s renewable energy sector. “We are providing our domestic industries with all conceivable support, from PLI to VGF. Our goal is for India to become a significant global participant in the whole clean energy solutions value chain.”
Policies to Boost Domestic Renewable Energy Equipment Production
The Union Government has implemented several initiatives to encourage domestic production of renewable energy equipment, including solar PV modules, cells, and upstream components like ingots, wafers, and polysilicon. In addition, the manufacturing of wind turbines, electrolysers for the creation of green hydrogen, and battery energy storage devices for utility-scale electricity storage applications are all part of these initiatives.
The government is working to support domestic production through a variety of financial, economic, and regulatory initiatives. The Production Linked Incentive (PLI) programme offers financial incentives for the establishment of fully or partially integrated manufacturing facilities for solar PV modules and upstream components. The National Green Hydrogen Mission grants incentives for the generation of green hydrogen and the manufacturing of electrolysers, in addition to Viability Gap Funding (VGF) for stationary Battery Energy Storage System projects.
A few examples of fiscal incentives include basic customs tariffs on solar PV modules, cells, and inverters imported into the country, a waiver on import duties for certain capital items needed for domestic manufacturing, and concessional customs duties on inputs used in domestic manufacturing.
Joshi has implemented policy measures through the use of regulations like the Domestic Content Requirement (DCR) in government-subsidized schemes including PM Surya Ghar: Muft Bijli Yojana, PM-KUSUM, and CPSU Scheme Phase-II. Additional policies include Quality Control Orders for solar equipment, approved lists of models and manufacturers for solar and wind technologies, and the connection of PLI amounts to local value addition.
Encouraging the Production of Solar PV
The government’s efforts continue to be heavily focused on the manufacturing of solar PV. The government is dedicated to making solar PV production in India self-sufficient (Atmanirbhar) and positioning the country as a key participant in the global value chain. The PLI Scheme for High-Efficiency Solar PV Modules, which will cost INR 24,000 crores, and other governmental initiatives like the enforcement of basic customs tariffs and domestic content criteria serve as evidence of this commitment.
Due to several initiatives under the “Make in India” campaign, India’s installed solar PV module production capacity has increased from 2.3 GW to over 67 GW since 2014. India can now meet both domestic and foreign demand thanks to this rise. The nation’s capacity to produce solar PV modules has increased quickly; in just the last 3.5 years, it has gone from producing 8 GW in 2021 to 67 GW annually.
The Central Electricity Authority (CEA) is making major gains in addressing the growing need for large-scale energy storage in the nation’s power grid, which is a landmark step towards attaining India’s goals as it pertains to renewable energy.
Continuing its dedication to ensuring sustainable energy in the future, the Central Energy Authority (CEA) has reached yet another significant milestone by approving two additional Pumped Storage Projects (PSPs) in the state of Maharashtra. These PSPs are the 1500 MW Bhavali PSP, which is being developed by JSW Energy Ltd., and the 1000 MW Bhivpuri PSP, which is being developed by Tata Power Co. Ltd.
These PSPs have been approved with the assistance of the Central Water Commission (CWC), the Geological Survey of India (GSI), and the Central Soil and Materials Research Station (CSMRS). Furthermore, these PSPs were approved within ten days of the completion of the DPRs.
The Project Will Fast-Track the Commissioning
Those responsible for the development of these PSPs have stated that they intend to expedite the commissioning process and finish them within 44 to 46 months, that means they are expected to get completed by 2028 respectively. More than 15 gigawatt hours (GWh) of storage capacity will be provided by these power storage power plants (PSPs) altogether. This large-scale energy storage is essential for meeting the peak demand during non-solar hours, in addition to providing inertia to the grid, which ultimately leads to grid stability. Both the acceleration of the integration of renewable energy sources and the support of the transition to a greener energy system will be facilitated by this.
The CEA has set a goal to reach a consensus on at least two PSPs every single month during the current year, but this will be dependent on the developers finishing their DPRs. Concurring 15 Hydro PSPs with a capacity of 25,500 MW is the goal that the CEA has set for the period of 2024-25. Out of these 15 PSPs, four with a capacity of 5,100 MW have already been agreed upon.
Online Platform Jalvi-Store
An online platform called “Jalvi-store” has been developed by CEA as part of its ease of doing business initiative. This portal will bring about increased openness in the processing of chapters during the pre-DPR stage of PSPs.
Furthermore, in order to improve the speed with which the DPRs are ratified, many chapters have been eliminated. Additionally, the check list is incorporated into the guidelines of PSPs, which assists in providing clarity regarding the material that is required for the relevant chapters. Multiple teams have been formed by GSI and CWC in order to expedite the clearance of design chapters included in PSPs.
Bhopal (Madhya Pradesh) [India] August 8: In the small town of Satna, a young boy named Yash R Gautam faced disappointment when he failed his High School exams. But Yash did not let this setback stop him. Instead, it fueled his determination to forge his own path and make a real difference.
Yash became interested in renewable energy while in college. As his friends pursued job offers, Yash turned them down. He had a vision to upgrade the way energy is produced. With like-minded friends, Yash started his own company in Renewables.
The early days were challenging. LXN, founded by Yash R Gautam and, his co-founders, is revolutionising how electricity is used. The journey began in 2021 and was filled with many challenges. Yet, Yash and his team’s determination never wavered.
Today, they serve over 15,000 customers, saving 1,240 MWh of electricity and reducing carbon emissions by 1,179 tons. “Our mission is to optimise your energy usage without any effort on your part. By leveraging Al and machine learning, we ensure you save on energy costs and reduce your carbon footprint,”
Luxsun’s business model caters to both businesses and households. Also, their real-time tracking and control systems make energy management intuitive and accessible.
Let’s make energy efficiency a norm. Together, we can create a sustainable world.
We had so many doubts at first, Yash recalled. “Could we really succeed in spreading awareness of solar energy? But we kept pushing forward. When we secured our first client, it felt like a huge victory for the whole team. Completing that first project motivated us to keep growing our company.”
And then there was no looking back for the team – once a fledgling startup, Luxsun Energy has now turned into a big name – a major force in India’s renewable energy sector. With each successful project, their reputation grew stronger.
Today, Luxsun Energy earns over ₹10 crores in revenue. It has expanded across many states in India.
“Making Luxsun Energy an iconic Indian brand requires total commitment to innovation, sustainability, and customer satisfaction,” said Yash. “We use cutting-edge technology, build strong industry partnerships, and never compromise on excellence. Our goal is to redefine the energy landscape for a brighter, greener future.”
At the heart of Luxsun’s success is delivering real value to customers. They use India’s highest-rated solar panels for unbeatable performance. Their swift 10-hour installation process reduces disruption. And their unique mounting designs optimise energy production while looking great.
But Luxsun has a larger mission – inspiring India to transition to net-zero carbon emissions through renewable energy sources. They want to spark a nationwide movement of people embracing cleaner power and creating a healthier planet for future generations.
Yash’s journey from failing high school to becoming a renewable energy entrepreneur is incredibly inspiring. Through tremendous perseverance and belief in sustainable solutions, he built a thriving business with real social impact.
As India works towards its renewable energy goals and tackles climate change, Luxsun Energy is leading the way. They are pioneering a future powered by the sun’s boundless energy.
In celebration of World Environment Day 2024, the largest international event for environmental awareness led by the United Nations Environment Programme (UNEP), we reached out to various companies dedicated to sustainability. We asked them about their future plans for sustainable technology in India and how they envision these plans contributing to a greener country. Here are their responses, outlining innovative strategies and anticipated benefits for India’s environment.
Dr Renuka Diwan, Co-Founder and CEO, BioPrime AgriSolutions
Dr Renuka Diwan, Co-Founder and CEO, BioPrime AgriSolutions
Our purpose is From Nature, For Nature, which drives everything we do at BioPrime. Our technology advancement & efforts are based on the same purpose. We are making strides to preserve the rich biodiversity of the country by creating India’s largest microbial library, named Bionexus. So far we have collected more than 17000+ microbial strains from 400 different locations across the country to learn their behavior for the benefit of the Indian agricultural ecosystem.
We are also deeply concerned about the ill effects of chemical fertilizers on the soil & plant health; to mitigate the risks associated with it, we have commercialized our Nutrient Use Efficiency [NUE] technology based on Bionexus. NUE will enable farmers to reduce the dose of chemical fertilizers without compromising on the crop yields, we are committed to advance our NUE offerings related to N, P & K nutrients in the near future.
Dr. Sat Kumar Tomer, Founder and CEO, Satyukt Analytics Private Limited
Dr. Sat Kumar Tomer, Founder and CEO, Satyukt Analytics Private Limited
Technology plays a crucial role in building a sustainable future. By using our precision agriculture technologies and real-time data, we can conserve resources, reduce pesticides usage, promote soil conservation and ensure a healthy planet for all.
Our digital satellite-based carbon monitoring solutions offer improved accuracy, efficiency, transparency, and global coverage for monitoring and managing greenhouse gas emissions. By leveraging advanced satellite data, these systems support eco-friendly decision-making, reduce carbon footprints, and sustainably enhance crop yields, contributing to a greener future.
Kishan Karunakaran, CEO, Buyofuel
Kishan Karunakaran, CEO, Buyofuel
Looking ahead, Buyofuel’s vision for sustainable technology in India is anchored in ambitious yet achievable goals. We are committed to substituting over 300,000 metric tons of fossil fuels with biofuels within the next 12 months, which will lead to a substantial reduction of approximately 360,000 metric tons of CO2 emissions. This shift not only contributes significantly to environmental conservation but also sets a precedent for sustainable practices in the fuel industry.
Additionally, Buyofuel is actively engaging with waste management communities and the agricultural sector, addressing challenges related to general and agri-waste. This holistic approach not only benefits the environment but also creates a positive social impact, paving the way for a better sustainable future.
Looking further into the future, Buyofuel aims to replace 1% of India’s fuel sales with biofuels within 3-5 years. This strategic goal reflects our commitment to long-term sustainability and our belief in the transformative power of biofuels. India’s significant fuel consumption and waste production present both challenges and opportunities, and we see biofuels as a key solution. By harnessing technology and leveraging our platform’s capabilities, we want to make a substantial contribution towards creating a more resilient and sustainable energy ecosystem in India.
Devndra Chawla, CEO and MD, GreenCell Mobility
Devndra Chawla, CEO and MD, GreenCell Mobility
GreenCell Mobility intends to continue using sustainable technologies to revolutionise India’s mass mobility sector. Our plans include growing our electric bus fleet and charging infrastructure across the country. We want to integrate electric vehicles into everyday life by working with stakeholders and raising public awareness about green transportation.
Furthermore, our commitment to safety, innovation and efficiency will prompt us to examine the integration of renewable energy and smart fleet management technologies. Collectively, these activities will be critical towards our mission of a cleaner, greener future.
Our mission is to provide affordable, accessible and sustainable solutions to 20 million low-income households by 2030. Our focus remains on improving the lives of the rural communities with products that are tech-driven and energy efficient. We have recently launched 2 new models of the cookstoves for smaller families and commercial use respectively. We have plans to introduce more products to improve the daily lives of the communities and scaling our operations.
Manish Dabkara, Chairman and MD, EKI Energy Services Ltd.
Manish Dabkara, Chairman and MD, EKI Energy Services Ltd.
We are poised for significant growth and transformation over the next few years. As per the current govt policies, which is likely to continue with their return, renewable energy transition is in focus, which means there will be more projects generating carbon credits while making India greener as well as generating an economic cushion for this decarbonization journey.
The government has decided to undertake a massive rooftop solarisation drive, which aligns with our vision of clean energy. Policies for compliance and voluntary carbon trading, along with Green Credits Programme and campaigns like LiFE (Lifestyle For Environment) initiative are going on in full swing, assisting private players like us in undertaking more sustainable projects.
On the other hand, we also aim to be the pioneers in increasing the contribution of biofuels and bioenergy in India’s green energy transition story. We aim to establish more biogas plants and step-up the production of bio briquettes.
We intend to leverage the most for the environment with our involvement in organisations like India Clean Cooking Alliance, Carbon Market Association of India, Centre of Excellence (on the lines of LiFE initiative), allying ourselves with the International Energy Agency’s (IEA) vision of universal clean cooking access in Africa, our own clean cooking initiative, under which we have distributed more than 2 million improved cookstoves and also initiated a pilot project for the distribution of indoor solar cooking devices to the underprivileged. This stride is bound to continue in the coming years.
Ravi Kaushik, Founder and CEO, AiRTH
Ravi Kaushik, Founder and CEO, AiRTH
Airth is working on a three-pronged strategy to contribute to making India greener and healthier through its sustainable air purification technology.
1. Enhancing Indoor Air Quality in Schools and Hospitals
We are in the process of installing advanced air purification systems in schools, hospitals, and other critical public buildings across India. Improving indoor air quality in these settings will protect vulnerable populations, including children, the elderly, and patients with pre-existing health conditions, from harmful pollutants, thereby enhancing overall public health.
2. Public Awareness and Education Campaigns
Airth is soon launching nationwide campaigns to educate the public on the importance of air quality and the benefits of air purifying technologies. Increased public awareness will drive demand for cleaner air solutions and encourage responsible behaviour regarding pollution, fostering a culture of environmental stewardship.
3. Promoting Renewable Energy-Powered Air Purifiers
We are designing and deploying the next versions of Airth air purifiers powered by renewable energy sources like solar and wind. This initiative will reduce the carbon footprint of air purification technology and make it sustainable in areas with limited access to electricity, contributing to India’s green energy goals.
BatX Energies plans to significantly expand its recycling capacity to meet the growing demand for battery recycling. By 2030, the company aims to establish multiple facilities across India, increasing its total recycling capacity to 50,000 metric tons per annum (MT/A).
CO2 Savings:
With the expanded capacity, BatX Energies expects to save approximately 2.6 million kgs of CO2 emissions by 2030 equivalent to 800 thousand trees planted. This is achieved through their advanced recycling technologies, which significantly reduce the carbon footprint compared to traditional mining and disposal methods.
Support for Sustainability Goals and EV Policy:
These initiatives support India’s sustainability goals and EV policy by:
Promoting a circular economy through efficient recycling of lithium-ion batteries.
Reducing the environmental impact of battery waste.
Ensuring a reliable supply of critical minerals for the EV industry.
Contributing to India’s commitment to achieving Net Zero emissions by 2070 and enhancing the domestic EV ecosystem.
Pluss Advanced Technologies aims to expand its PCM applications, promoting energy efficiency and passive thermal backup across sectors like automotive, textiles, electronics and buildings. They plan to venture into buildings to further enhance green building initiatives, incorporating PCM materials to reduce heating and cooling costs. In textiles, for thermal comfort applications and for electric battery cooling applications with thermal inertia.
Pluss plans to look at food security in a big way with their PCM solutions for off-grid crop storage, minimizing post-harvest losses. These plans align with India’s sustainable development goals, enhancing quality of life while protecting the environment.
Deepak Pahwa, Chairman, Pahwa Group and Managing Director, Bry-Air
Deepak Pahwa, Chairman, Pahwa Group and Managing Director, Bry-Air
Looking ahead, Bry-Air is committed to driving sustainability across the world through continuous innovation and strategic partnerships. Our future plans include scaling up the deployment of our air-to-water generators across water-stressed regions throughout the world, aiming to provide a sustainable water source to millions. This initiative not only addresses water scarcity but also aligns with the country’s goals for sustainable development.
We are also advancing our HVAC solutions by integrating AI and IoT to further optimize energy use in industrial and commercial settings, ensuring minimal energy wastage and maximum efficiency. Our carbon capture technologies are set to play a vital role in reducing greenhouse gas emissions, aligning with India’s goals for achieving net-zero emissions by 2070.
Moreover, our VOC abatement solutions will continue to support industries in meeting stringent environmental regulations while promoting cleaner air. By partnering with governmental and non-governmental organisations, we aim to implement these materials, sciences, and technologies widely, contributing to a sustainable and green future for the world. Our comprehensive approach ensures that we address multiple environmental aspects, fostering overall ecological well-being.
Ashvin Patil, Founder and Director, Biofuels Junction Pvt Ltd.
Ashvin Patil, Founder and Director, Biofuels Junction Pvt Ltd.
The recent implementation of the Compressed Bio Gas (CBG) mandate has enabled the usage of a wider variety of agricultural residues and waste as feedstock for production. In line with this, Biofuels Junction plans to expand the use of different types of agricultural residues as feedstock for biomass supply to various upcoming CBG plants. This includes commonly burned residues like paddy straw (Parali) as well as corn cobs, cane trash, cotton stalks, and municipal waste, which are well-suited as feedstocks for CBG. This may greatly help reduce instances of stubble burning and the pollution issue in North India as paddy straw is a well-accepted and proven feedstock for CBG.
Biofuels Junction is also working towards continually investing and enhancing the IT platform, to further streamline the supply chain, reduce costs, and ensure consistent quality and supply of biofuels. By optimizing the biofuel production, distribution and supply chain processes, Biofuels Junction aims to promote efficiency, sustainability and minimize environmental impact.
Mitull Batraa, Co-founder, Udaan E-Vehicles
Mitull Batraa, Co-founder, Udaan E-Vehicles
As we look to the future, one of our primary focus areas is investing heavily in R&D and embracing innovative technologies to maintain our competitive edge in the EV manufacturing sector. We are pouring significant resources into cutting-edge projects related to advanced battery technology, increasing vehicle range, and optimizing charging solutions.
But we know that we cannot do it alone. That is why we are actively seeking out partnerships with leading research institutions and dynamic startups in the field. By collaborating with these brilliant minds, we can stay at the forefront of technological innovation and push the boundaries of what is possible in sustainable transportation.
Our goal is not just to meet the needs of today but to anticipate and shape the trends of tomorrow. We are building a culture of curiosity and using emerging technologies, because we believe that this forward-thinking approach is the key to creating a greener, more sustainable future for India.
Vineet Mittal, Director and Co-Founder, Navitas Solar
Vineet Mittal, Director and Co-Founder, Navitas Solar
Navitas Solar will scale up its annual PV panel capacity to 3 GW by 2025. The capacity expansion includes setting up of a new 1.2 GW manufacturing plant with M10 and G12 mono PERC and TOPCon modules capacity. The company growth strategy is in line with Indian Government’s focus on 17 Sustainable Development Goals (SDGs) and 100% renewable energy for a sustainable and greener India.
