HomeInvestment & Trading ›Navitas Solar EVA Manufacturing Arm Raises Rs 70 Mn in Seed Round to Invest in R&D and Capacity Building

Navitas Solar EVA Manufacturing Arm Raises Rs 70 Mn in Seed Round to Invest in R&D and Capacity Building

Ethylene Vinyl Acetate (EVA) manufacturer Navitas Alpha Renewables Pvt Ltd (NARPL) has raised Rs 70 million in its seed funding led by Niveshaay (Investment Advisors) with participation from Madhusudan Sarda, IVY Growth Associates, and others.

September 21, 2022. By Manu Tayal

Ethylene Vinyl Acetate (EVA) manufacturer Navitas Alpha Renewables Pvt Ltd (NARPL) has raised Rs 70 million in its seed funding led by Niveshaay (Investment Advisors) with participation from Madhusudan Sarda, IVY Growth Associates, and others.
 
NARPL is a joint venture (JV) between Navitas Green Solutions Pvt Ltd and Alpha Plastomers Pvt Ltd. With its foray into manufacturing in 2020, NARPL manufactures EVA encapsulant films, a critical input in solar module manufacturing, and markets them under the brand “EVO FCP”.
 
The company will further invest the fresh funds in adding incremental capacity, strengthening its R&D and testing capabilities along with improving its product’s value proposition.
 
Besides, the company is also planning to work on new products like POE encapsulants to gain an edge in the industry.
 
Commenting on the successful fundraising, Akshay Agarwal, Director of NARPL, said, “It is a privilege to have the support of such strong and like-minded investors at this early stage of NARPL’s journey. With the backing from Niveshaay, in addition to our existing investors, we are well on our way to capitalizing on the opportunity and becoming an industry leader."
 
“Given the enormous potential of the renewables sector and the NARPL team’s relentless pursuit of success, this investment seems an ideal way to support India's transition to sustainable energy. We at Niveshaay are excited to help the NARPL team take advantage of the growing solar opportunities in the country,” said Arvind Kothari, Founder of Niveshaay.
 
Recently, the company signed an MOU and entered into a technical partnership with a domestic EVA line manufacturer. It allowed the company to co-develop an exclusive low-cost, higher-efficiency manufacturing technology than current alternatives. This leg-up, together with its R&D investments, will help the company grow in the future.
 
Meanwhile, the company operates a manufacturing facility in Gujarat, India, located at Hojiwala, Surat with an aggregate installed capacity of 600 MW, as of June 30, 2022.
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