Waaree Renewable Technologies Limited Collaborates with 5B Industries PTY LTD

Waaree Renewable Technologies Limited, a leading solar EPC company in India, has announced a Long Form Heads of Agreement (LFHOA) with 5B Industries PTY LTD, an innovative solar solution company, to accelerate the deployment of utility-grade solar power locally in India as well as in international markets with a US-compliant supply chain. The collaboration will open avenues for the commercialization of the innovative 5B Maverick solar product, allowing for localization, scalable production, and competitive deployment in India, with the aim of supplying to both local and international developers as well as EPC companies.

The primary objective of Waaree RTL and 5B in terms of developing the supply chain is to reduce the build cost of Maverick Blocks, aiming for an economically competitive price point in India. Simultaneously, they endeavour to ensure adherence to best practices aligned with standard market norms. The collaboration underscores Waaree RTL's dedication to pioneering solar innovation, enhancing deployment efficiency, and fostering a sustainable future. The 5B Maverick technology, under trial for the next year, is aimed at revolutionizing the solar landscape, making installations 10X faster, more cost-effective, and easier to maintain.

Commenting on the association, Mr. David Griffin, 5B's Chief Executive Officer, said: "This partnership with India's largest module manufacturer gives us a foothold in the biggest solar market, the most cost-effective domestic manufacturing hub, and the capability for swift scaling to gigawatt production. This facility complements 5B's Centre of Excellence in Adelaide and partnership with ADG Vietnam to ensure we can deliver competitive solutions for customers and EPC partners in key markets. Furthermore, this co-located Waaree-5B manufacturing hub also signals an exciting new milestone on the path to directly integrating module manufacturing with 5B Maverick assembly. The joint Waaree5B Maverick production facility is set to commence operations in the first half of 2024, poised to scale up to gigawatt production levels."

Mr. Pujan Doshi, Managing Director at Waaree Renewable Technologies Limited said "Waaree RTL's collaboration with Australian solar pioneer 5B is poised to give a strong impetus to solar innovation, building a future in which solar installations are not only more efficient but also play a significant role in advancing the global transition to clean energy. By integrating 5B's cutting-edge Maverick technology into our manufacturing processes, we anticipate setting new industry standards, reinforcing our commitment to sustainability, and solidifying our position as leaders in the renewable energy sector."

5B's revolutionary technology, the 5B Maverick, lies at the heart of this collaboration. This awardwinning solution is a prefabricated, pre-wired 50-kilowatt ground-mount array designed for swift deployment, requiring optimising human labour and boasting a smaller land footprint. With a successful track record of deployment across 146 sites globally, generating over 100MW, the 5B Maverick technology has garnered considerable acclaim for its efficiency and effectiveness.

Shares of Sangam Renewables Ltd was last trading in BSE at Rs. 1797.30 as compared to the previous close of Rs. 1816.40. The total number of shares traded during the day was 58138 in over 2308 trades.

The stock hit an intraday high of Rs. 1849.70 and intraday low of 1776.00. The net turnover during the day was Rs. 105012982.00.

Source : Equity Bulls

Keywords

WaareeRenewableTechnologies INE299N01013 Collaboration 5BIndustries