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Agri-Solar Solutions Provider GK Energy Files Papers for ₹5.01 Billion IPO


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					</table><p>Researchers at the Fraunhofer Institute for Solar Energy Systems ISE (<a href="https://www.ise.fraunhofer.de/en.html" target="_blank" rel="noopener">Fraunhofer ISE</a>) have produced a TOPCon (Tunnel Oxide Passivated Contact) solar cell in the large-area M10 silicon wafer format, achieving an efficiency of 24%.</p>
<p>The results, which were published at the 20th Photovoltaic Technology Advisory Board Meeting of Fraunhofer ISE, highlighted how advancing photovoltaic (PV) technology by transitioning to the M10 wafer format can align with industry trends towards larger, more efficient solar cells.</p>
<p>The M10 format, with an edge length of 182 mm, is becoming the industry standard due to its cost-effectiveness and enhanced performance. The transition to this format allows Fraunhofer ISE to better support industrial partners in optimizing their production processes.</p>
<p>According to the <a href="https://www.vdma.org/international-technology-roadmap-photovoltaic" target="_blank" rel="noopener">International Roadmap Photovoltaics</a> published by the VDMA, TOPCon solar cells will have a market share of almost 50 percent by 2024. The institute aims to optimize these cells further to achieve efficiencies exceeding 25% and eventually develop tandem solar cells with efficiencies over 30%.</p>
<p>This goal of achieving over 30% efficiency with tandem solar cells suggests a promising future for solar energy, contributing to higher energy yields and more effective renewable energy solutions.</p>
<p>The findings will also enable Fraunhofer ISE to assist industrial partners in adopting and optimizing new solar cell technologies, fostering innovation and competitiveness in the solar energy sector.</p>
<p>&#8220;We are very excited that we can now support our industrial partners in optimizing their production processes with this large-area wafer format or even in newly entering into the production of such solar cells,&#8221; says Sabrina Lohmüller, the deputy head of the Silicon and Perovskite-Silicon Tandem Solar Cells department.</p>
<p>Last September, researchers from Fraunhofer ISE and NWO-Institute AMOLF <a href="https://www.mercomindia.com/researchers-develop-cell-with-36-1-efficiency" target="_blank" rel="noopener">developed</a> a multijunction solar cell with an efficiency of 36.1%, surpassing the fundamental efficiency limit of 29.4%.</p>
<p>Earlier this year, another team from Fraunhofer ISE <a href="https://www.mercomindia.com/reduction-water-use-solar-cell-manufacturing" target="_blank" rel="noopener">devised</a> a method to reduce wastewater production in solar cell manufacturing.</p>


Fraunhofer ISE Achieves 24% Efficiency for TOPCon Solar Cells


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					</table><p>Energy storage technology and solutions provider <a href="https://fluenceenergy.com/" target="_blank" rel="noopener">Fluence Energy</a> recorded a net income of $4.82 million for the fourth quarter (Q4) of the fiscal year (FY) 2022-23, a year-over-year (YoY) increase of 91.4%, achieving profitability for the first time.</p>
<p>During the quarter from July to September, Fluence recorded a revenue of $673 million, a YoY increase of 52.2%</p>
<p>The company witnessed a strong order intake in the quarter, reaching $737 million, resulting in a total backlog of $2.9 billion as of September 30, 2023.</p>
<p>Fluence Energy provides energy storage products, services, and cloud-based software for renewable energy companies.</p>
<p>In October 2023, the company launched Gridstack Pro, a larger battery pack with enhanced density, faster installation, improved performance, and safety. Simultaneously, Fluence OS7, the latest operating system, was introduced and integrated with the Fluence battery management system.</p>
<p>To strengthen the supply chain, all battery requirements for fiscal years 2024 and 2025 were secured, turning the supply chain into a competitive advantage.</p>
<p>The company secured a $400 million Asset-Backed Lending facility backed by inventory to provide additional tools for effective working capital management during continued growth and to enhance operational capabilities.</p>
<p><strong>Full Fiscal 2023</strong></p>
<p>For the full fiscal year, the company recorded a net loss of $104.82 million, a YoY improvement of 63.7%.</p>
<p>The company’s revenue was recorded at $2.22 billion, a YoY increase of 85% from $1.2 billion.</p>
<p>The original annual revenue guidance was surpassed by over $600 million, attributed to enhanced execution, streamlined supply chains, and accelerated project timelines. Substantially reducing the legacy lower margin backlog, the company also diversified its supply chain, securing US-made battery cells with AESC.</p>
<p>Furthering technological capabilities, India&#8217;s technology center was expanded.</p>
<p>Fluence said by fast-tracking specific projects, substantial gains in revenue and margins were achieved during this period.</p>
<p>A major focus has been on enhancing organizational speed with the aim of shortening these project cycle times from 18 to 12 months.</p>
<p>The company said the momentum continues in its services and digital businesses, constituting a recurring revenue stream. In the digital business sector, a robust quarter is evidenced by contracting 1.8 GW and increasing digital assets under management. The total stands at 15.5 GW as of September 30.</p>
<p>The company’s net loss <a href="https://www.mercomindia.com/fluence-narrow-losses-in-q3-as-deployments-surge" target="_blank" rel="noopener">narrowed</a> to $35.05 million in the third quarter of the fiscal year 2022-23, a 42% YoY improvement from $60.83 million.</p>
<p>Earlier this year, Julian Nebreda, the company&#8217;s president and CEO, <a href="https://www.mercomindia.com/energy-storage-fluence-plans-manufacturing-in-india" target="_blank" rel="noopener">discussed</a> the battery manufacturing process in an exclusive interview with Mercom. He outlined plans to localize their products in India by the end of 2024, though the process in the country might extend further.</p>
<p>Jan Teichmann, Fluence&#8217;s SVP and president for APAC, shared insights into the company&#8217;s collaboration with ReNew and its plans in India.</p>


Fluence Energy Records First-Time Profits as Net Income Surges 91.4% in Q4


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					</table><p>After the phenomenal responses in Bengaluru and Mumbai, Mercom India is bringing its <a href="https://www.mercomindia.com/event" target="_blank" rel="noopener">C&amp;I Clean Energy Meet</a> 2023 series for its third event to Pune.</p>
<p>A thriving business hub in India&#8217;s second most populous state, Pune presents abundant opportunities, making it an ideal location for various commercial and industrial (C&amp;I) enterprises that can benefit from transitioning to clean energy.</p>
<p>The event in Pune will be held on June 30, 2023, at Four Points by Sheraton, in collaboration with the Deccan Chamber of Commerce Industries &amp; Agriculture (<a href="https://dcciapune.org/" target="_blank" rel="noopener">DCCIA</a>).</p>
<p>Chief Guest Sadashiv Survase, Joint Director Industries – Pune, and HP Srivastava, Vice Chairman of DCCIA, will address the inaugural session.</p>
<p>This will be followed by the first session titled <strong>“Rooftop Solar- Options and Technologies Maximizing ROI.”</strong> The panelists for the session include Amit Barve, Head of Solar BU at <a href="https://store.in.panasonic.com/?utm_source=Affilate&amp;utm_medium=CPC&amp;utm_campaign=trackback_media_ac_performance_campaign_banner_emailer_651_&amp;gclid=CjwKCAjwkeqkBhAnEiwA5U-uMzOunCnrK8US2BVQyxtiVKwMTtkgI1TPHrrRXMaGQIPG3UD4MFj4OhoCIVkQAvD_BwE" target="_blank" rel="noopener">Panasonic</a>; Bharat Singh TN, Head- Sales and Marketing (India) at <a href="https://www.deyeinverter.com/" target="_blank" rel="noopener">Deye Inverters</a>; Suhas Pansare, Vice President -Sales &amp; Marketing at <a href="http://relyonsolar.com/" target="_blank" rel="noopener">RelyOn Solar</a>, and Ryan Pereira, Head – C&amp;I Solar and QHSE at <a href="https://www.mahindrasolarize.com/" target="_blank" rel="noopener">Mahindra Solarize</a>.</p>
<p>The second session will feature discussions on <strong>“Open Access Solar – Large Power Purchase, Higher Savings.”</strong> The speakers for the session are Pradeep V Patil, Chief – BD at <a href="http://www.enrichenergy.com/" target="_blank" rel="noopener">Enrich Energy</a>; Sumit Joge, GM-BD at <a href="https://sprngenergy.com/" target="_blank" rel="noopener">Sprng Energy</a>; Kartikeya Narain Sharma, Co-founder and Chief of Strategy at <a href="https://www.sunsure-energy.com/" target="_blank" rel="noopener">Sunsure</a>, and Shantanu Sirsath, Technical Head of India at <a href="https://www.ginverter.com/?gclid=CjwKCAjwkeqkBhAnEiwA5U-uMxIFGFi91pWv1G7X1Bvq47VnPnSxAC82cyr7ugRJ0hM63JpgQ8kq5hoCB5kQAvD_BwE" target="_blank" rel="noopener">Growatt</a>.</p>
<p>Jaydeep Patel, Director at <a href="https://www.greenedgeenergy.co.in/" target="_blank" rel="noopener">Greenedge Energy</a>, will present a short case study on the savings experienced by C&amp;I consumers by switching to solar.</p>
<p>The third and concluding session will focus on, <strong>“Innovative Financing Solutions – Ways to Access Cheap Loans.”</strong> The session will be led by panelists Prabhakar Kumar Singh, Assistant General Manager &amp; RM at <a href="https://www.onlinesbi.sbi/" target="_blank" rel="noopener">SBI</a>, Anup Das, AGM at <a href="https://www.sidbi.in/en" target="_blank" rel="noopener">SIDBI</a>, and Ashutosh Puntambekar, Executive Vice President at <a href="https://www.electronicafinance.com/" target="_blank" rel="noopener">Electronica Finance</a>.</p>
<p>Pune has been selected as the host city for the event due to several compelling factors.</p>
<p>Maharashtra has set an ambitious target of 634 MW under Phase II of the grid-connected rooftop solar program. Additionally, C&amp;I consumers in Maharashtra pay the highest tariff cost for energy across India, making traditional energy production more expensive.</p>
<p>The event is tailored explicitly for C&amp;I consumers of large power capacity who plan to reduce their power costs significantly.</p>
<p>Equipment and component manufacturers, consultants, energy auditors, lenders, investors, and associates actively engaged in the clean energy sector will find the event beneficial for networking and exploring potential collaborations.</p>
<p>Mercom, through these events, facilitates the convergence of pre-qualified clean energy solution providers and C&amp;I consumers to foster discussions on power requirements, cost advantages, potential challenges, opportunities, and viable solutions.</p>
<p>Embracing solar power is a highly advantageous strategy for C&amp;I businesses to reduce operational expenses while enjoying both environmental and economic advantages.</p>
<p>Entities operating in the C&amp;I sector, along with large institutions and residential complexes, stand to gain significant benefits from adopting clean energy solutions, which not only contribute to cost reduction but also outperform traditional grid power tariffs.</p>
<p>Interested entities can <a href="https://www.mercomindia.com/event/ci-clean-energy-meet-2023-pune/register/2023-form" target="_blank" rel="noopener">register</a> for the event or write to <a href="mailto:events@mercomindia.com" target="_blank" rel="noopener">events@mercomindia.com</a></p>
<p>After Pune, Mercom will host the next C&amp;I Clean Energy Meet in <a href="https://www.mercomindia.com/event/ci-clean-energy-meet-2023-chennai" target="_blank" rel="noopener">Chennai</a>.</p>


Mercom to Host its Third C&I Clean Energy Meet 2023 in Pune


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					</table><p>Mumbai-based renewable energy company CleanMax Enviro Energy Solutions (<a href="https://www.cleanmax.com/" target="_blank" rel="noopener">CleanMax</a>) has successfully concluded an equity fund raise of approximately $360 million from <a href="https://www.brookfield.com/our-businesses/renewable-power-transition" target="_blank" rel="noopener">Brookfield Renewable</a>, facilitated through the Brookfield Global Transition Fund (BGTF).</p>
<p>The funding comprises a mix of primary and secondary investments and will provide CleanMax with the necessary capital to pursue its ambitious growth plans of becoming a platform exceeding 5 GW within the next three to four years.</p>
<p>The company aims to further expand its C&amp;I footprint both within India and internationally.</p>
<p>Kuldeep Jain, Founder and Managing Director of CleanMax, said, &#8220;This substantial capital infusion ensures that we have ample growth capital for at least the next 3-4 years. With Brookfield&#8217;s substantial financial backing, we expect to maintain our market leadership in the C&amp;I segment and add approximately 800-1000 MW to our C&amp;I portfolio annually.&#8221;</p>
<p>Jain also reiterated CleanMax&#8217;s commitment to investing in high-return projects, forging partnerships with top-tier customers, and delivering large-scale projects on time and within competitive cost parameters.</p>
<p>By securing this investment, Brookfield Renewable will acquire a controlling stake in CleanMax and collaborate closely with existing shareholders and management to drive the company&#8217;s expansion in India&#8217;s commercial and industrial (C&amp;I) segment.</p>
<p>Nawal Saini, Managing Director of Renewable Power &amp; Transition at Brookfield, expressed satisfaction with the partnership, stating, &#8220;Indian corporates are actively working towards supporting the government&#8217;s net-zero goals, and CleanMax has a proven track record of being an efficient partner to C&amp;I customers in their decarbonization efforts.&#8221;</p>
<p>CleanMax is currently offsetting 2.5 million tons of CO2 equivalent annually through its 1.6 GW clean energy generation capacity, including on-book and third-party CAPEX sales capacities.</p>
<p>With its 3,076 GWh of clean energy generation, CleanMax sustains the power needs of over 350 clients, equivalent to providing electricity to 855,000 households.</p>
<p>CleanMax specializes in providing clean energy solutions to commercial and industrial customers, supporting their transition to sustainable power sources. The company offers a range of services, including clean energy generation, energy storage, and energy efficiency solutions.</p>
<p>The company recently <a href="https://www.mercomindia.com/cleanmax-meta-invest-33-8-mw-renewable-projects-india" target="_blank" rel="noopener">partnered</a> with global internet giant Meta to invest in 33.8 MW of new renewable energy projects in India.</p>
<p>Last September, CleanMax <a href="https://mercomindia.com/upl-cleanmax-develop-61-mw-wind-solar-hybrid-project/" target="_blank" rel="noopener">announced</a> a joint venture with sustainable agriculture solutions provider UPL to establish a 61.05 MW wind-solar hybrid power project in Gujarat. The project will comprise 28.05 MW solar and 33 MW wind projects.</p>


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