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RIL inks deal with Danish firm Stiesdal; invests in Germany’s NexWafe

RIL inks deal with Danish firm Stiesdal; invests in Germany's NexWafe


RIL inks deal with Danish firm Stiesdal; invests in Germany’s NexWafe

Reliance New Energy Solar Ltd (RNESL), a wholly owned subsidiary of Reliance Industries Ltd (RIL),on Tuesday announced that it has entered into an agreement with Denmark’s Stiesdal A/S to develop and manufacture hydrogen electrolysers. RNESL has been given the licence for this, RIL said in an exchange filing.

Founded by Henrik Stiesdal, the Danish firm is a wind power pioneer and thought leader in the global renewable industry. It is engaged in developing and commercialising several technologies to counter the climate crisis.

The new technology for HydroGen Electrolyzers has the potential to deliver significant cost reduction compared to currently available technologies, thereby paving the way for rapid decarbonisation and commercialisation of affordable Green Hydrogen – a key enabler in achieving India”s green energy transition.

“Through this agreement, RNESL and Stiesdal will combine their strengths and capabilities and collaborate to further advance the technology development of HydroGen Electrolyzers and scale it up to set up manufacturing facilities,” the statement said.

RNESL also invested $29 million as a strategic lead investor in Germany-based NexWafe GmbH’s (NexWafe) Series C financing round.

RNESL has entered into an agreement with NexWafe GmbH (NexWafe) for acquiring 86,887 series C preferred shares of face value of EUR 1 each of NexWafe at a price of EUR 287.73 per share, aggregating EUR 25 million.

The investment by Reliance will accelerate product and technology development for NexWafe, including the completion of the commercial development of NexWafe”s solar photovoltaic products on prototype lines in Freiburg.

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Reliance and NexWafe have also entered into an India Strategic Partnership Agreement, providing for joint technology development and commercialisation, at scale, of high-efficiency monocrystalline ”green solar wafers”.

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