India’s Leading Module Manufacturer and U.S. Solar Innovator Partner to Deliver the Lowest Cost of Electricity to the India Utility-Scale Market

Mumbai, India and Bedford, MA – April 28, 2022 – CubicPV and Waaree Energies, Ltd., India’s leading solar module manufacturer, today announced that they have entered into a multi-year supply agreement in which CubicPV will supply, per annum, 1 GW of silicon cells to Waaree. The cells will feature wafers made with CubicPV’s transformative Direct Wafer® technology, that produces wafers in one-step, directly from a molten bath of silicon. The agreement intends to strategically position Waaree to capture robust industry growth by delivering the lowest levelized cost of electricity (LCOE) to the Indian utility-scale market.

“Our Direct Wafer technology is the ideal solution for India’s domestic utility market and Waaree, by choosing this technology over generic methods, is setting the tone for an Indian manufacturing future that makes better use of materials, requires less energy and is defined by high efficiency,” said Frank van Mierlo, CEO, CubicPV. “CubicPV is honored to begin our journey in India with Waaree. The synergy between one of the leading module manufacturers in India and Cubic’s innovation agenda will create value for both companies and the solar industry in India.”  

The partnership between the two companies aims to strengthen India’s domestic solar manufacturing ecosystem, with CubicPV providing the basis for a domestic supply line for Waaree and a level of immunity with respect to the logistics challenges and volatile commodity pricing that has defined the import market.

“As an early entrant in the solar industry, Waaree recognizes the value of innovation to our continued leadership position. We believe that CubicPV’s technologies will deliver significant benefit to our customers and to the Indian solar market both immediately and in the long-run. We are proud to bring a module to the market featuring domestically-produced wafers and cells manufactured with a low carbon footprint,” said Hitesh Doshi, Chairman and MD, Waaree.

About CubicPV

With its innovations in solar manufacturing and materials, CubicPV is creating a solar future which is defined by more powerful tandem solar modules, reductions in the cost of electricity and lower embodied carbon. The company’s core technologies, the Direct Wafer® process and

durable perovskite chemistry, deliver the lowest cost of electricity and provide the ideal semiconductor combination for high-efficiency tandem modules. CubicPV has offices in Bedford, Ma., and Dallas. For more information, please visit www.cubicpv.com

About Waaree Energies

Waaree Energies Limited is a part of the Waaree Group and has the country’s leading Solar PV Module manufacturing capacity of 2 GW. In addition, it is one of leading players in India in EPC services, project development, rooftop solutions and solar water pumps. Waaree has its presence in over 388 locations nationally and 19 countries globally. https://www.waaree.com/

Disclaimer

Waaree Energies Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed a draft red herring prospectus (“DRHP”) with Securities and Exchange Board of India (“SEBI”). The DRHP is available on the website of the SEBI at www.sebi.gov.in as well as on the websites of the book running lead managers, Axis Capital Limited, HSBC Securities and Capital Markets (India) Private Limited,ICICI Securities Limited and Intensive Fiscal Services Private Limited, respectively, and the websites of the stock exchange(s) at www.nseindia.com and www.bseindia.com. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see “Risk Factors” of the RHP, when available. Potential investors should not rely on the DRHP for any investment decision.

The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act or any other applicable law of the United States and, unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. Accordingly, the Equity Shares are being offered and sold (i) within the United States only to persons believed to be “qualified institutional buyers” (as defined in Rule 144A under the U.S. Securities Act) in transactions exempt from, or not subject to, the registration requirements of the U.S. Securities Act, and (ii) outside the United States in offshore transactions in compliance with Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales are made.

Contact:
Laureen Sanderson, CubicPV
lsanderson@cubicpv.com
781.861.1611 x2204