Reliance Industries Limited has signed a letter of commitment (LoC) with Maxwell Technology, a wholly-owned subsidiary of Suzhou Maiwei Technology — to purchase eight sets of high-efficiency production lines for heterojunction cells (HJT cells), each with 600 MW capacity, to manufacture an annual capacity of 4.8 GW of HJT cells.

The total transaction sum is said to have exceeded 50% of Maxwell’s audited operating income. The companies involved in the agreement have not disclosed the contract amount.

Maxwell provides overall solutions for manufacturing high-efficiency heterojunction cells. Since 2019, the company has successfully developed high-efficiency, large-capacity, and low-cost heterojunction high-efficiency battery mass production equipment with a first-generation capacity of 250 MW, a second-generation capacity of 400 MW, and a third-generation capacity of 600 MW. It has achieved industry-leading mass-produced cell conversion efficiency and yield.

The heterojunction cell technology combines the advantages of crystalline silicon cells and thin-film technology within a single cell structure, making the efficiency levels of over 25% within reach. Where a conventional crystalline solar cell uses a single material, silicon, in an HJT cell, the junction is formed between two different materials: crystalline and amorphous silicon, with the junction, therefore referred to as a heterojunction, creating numerous performance benefits compared to conventional cells.

Reliance has also been making significant acquisitions to vertically integrate and meet the ever-rising needs of Indian module manufacturers, who until recently have primarily relied on Chinese imports. Last October, Reliance New Energy Limited (RNEL) acquired REC Solar Holdings from China National Bluestar Group for $771million. Prominent Indian stakeholders consider the acquisition a relief for the renewables sector, with many preferring the HJT technology over the PERC modules.

Reliance Industries Limited had signed a memorandum of understanding (MoU) with the Government of Gujarat to invest ₹5.955 trillion (~$77.90 billion) in renewable projects as a part of the investment promotion activity for the Vibrant Gujarat Summit 2022.