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Navitas Alpha Renewables Personal Restricted (NARPL), a photo voltaic EVA producer and a subsidiary of Navitas Photo voltaic, has raised INR 70 million in its seed funding led by Niveshaay (Funding Advisors) with participation from Madhusudan Sarda, IVY Development Associates, and others.
NARPL is a three way partnership between Navitas Inexperienced Options Personal Restricted and Alpha Plastomers Personal Restricted.It’s strategically positioned to leverage strengths from one among India’s main photo voltaic module producers and a serious participant within the plastic packaging business.
The recent funds will likely be invested so as to add incremental capability and strengthen the corporate’s R&D initiatives. The corporate may even use a part of the capital to ramp up its testing capabilities and enhance its product’s worth proposition. On the similar time, NARPL may even work on new merchandise like POE encapsulants to achieve an edge within the business.
Commenting on the profitable fundraising, Akshay Agarwal, Director of NARPL, mentioned, “It’s a privilege to have the assist of such robust and like-minded traders at this early stage of NARPL’s journey. With the backing from Niveshaay, along with our present traders, we’re nicely on our method to capitalizing on the chance and turning into an business chief.”
Commenting on the funding, Arvind Kothari, Founding father of Niveshaay, mentioned, “Given the big potential of the renewables sector and the NARPL group’s relentless pursuit of success, this funding appears a super method to assist India’s transition to sustainable power. We at Niveshaay are excited to assist the NARPL group benefit from the rising photo voltaic alternatives within the nation.”
NARPL lately signed an MOU and entered right into a technical partnership with a home EVA line producer. It allowed the corporate to co-develop an unique low-cost, larger effectivity manufacturing expertise than present alternate options. This leg-up, along with its R&D investments, will assist the corporate develop sooner or later.