Solar and Hydrogen Advancements: Growth in Manufacturing Capacity and Technology Licensing
Key Ideas
- India experienced significant growth in solar module and cell manufacturing capacity in CY 2023, with key players like ReNew and Adani Solar leading the additions.
- Soleos Solar Energy secured ₹485 million in funding to expand operations in India and globally, with a focus on working capital enhancement and global expansion.
- Appalachian Power issued RfPs to procure renewable energy from wind and solar projects, aiming to acquire up to 800 MW of capacity, including battery energy storage systems.
- Nel Hydrogen Electrolyser's technology licensing agreement with Reliance Industries is set to enhance the production and utilization of alkaline electrolyzers in India and globally.
The solar energy sector in India saw remarkable growth in CY 2023, with companies like ReNew, Waaree Energies, and First Solar contributing to the addition of 20.8 GW of solar modules and 3.2 GW of solar cell production capacity. As of December 2023, India's cumulative solar module manufacturing capacity reached 64.5 GW. Soleos Solar Energy, an EPC firm, raised ₹485 million in equity funding to fuel its expansion plans in India and abroad, with support from investors like Swastika Investmart. Meanwhile, Appalachian Power in the U.S. issued RfPs to procure renewable energy, including wind and solar projects with battery storage, aiming to acquire up to 800 MW capacity. On the hydrogen front, Nel Hydrogen Electrolyser announced a technology licensing agreement with Reliance Industries, granting RIL exclusive rights to manufacture and utilize Nel's alkaline electrolyzers, focusing on technology advancements and cost efficiency.