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Reliance Industries Ltd said on Tuesday it’s solar unit Reliance New Energy Solar Ltd (RNESL), will buy preferred shares of German firm NexWafe worth 25 million euros ($28.82 million).
RNESL agreed to buy 86,887 series C preferred shares of NexWafe at 287.733 euros per share, Reliance said, adding that RNESL would also be issued 36,201 warrants exercisable for one euro per warrant, subject to achievement of agreed milestones. The investment is a part of NexWafe’s 39-million euro Series C financing round, NexWafe said in a separate statement.
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The investment, expected to be completed this month, will accelerate product and technology development for NexWafe, including meeting the commercial development of NexWafe’s solar photovoltaics products on prototype lines in Freiburg, Reliance Industries said.
Reliance also entered into a partnership with NexWafe. The firm, led by Asia’s richest man, Mukesh Ambani, will access the German company’s proprietary technology and plans to build large-scale wafer manufacturing facilities in India using NexWafe processes and technology, NexWafe said.
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