CubicPV to invest $1.1 billion in solar wafer and cells manufacturing in India

US-based CubicPV has planned to invest $1.1 billion to set up 10 GW capacity of solar wafer and cells manufacturing in India.

The company is in talks with the Government of India to participate in the performance linked incentives (PLI) scheme for manufacturers of solar equipment. The company has planned to start with 2 GW capacity of cells and wafers but eventually targets to expand to 10 GW over the next five years. CubicPV claims that its technology would reduce the coat of manufacturing and wastage of silicon as against the current process which results in wastage of $25 per kg worth of silicones during production. Additionally, the entire process of production starting from meting silicon to making wafer sheets is expected to take less than 16 seconds as compares to 2 and a half days in the conventional process.CubicPV was formed recently in June 2021 following the merger of US-based firms 1366 Technologies and Hunt Perovskite. CubicPV is backed by Bill Gates with Breakthrough Energy Ventures (BEV), First Solar, and Hunt Energy Enterprises as the top three shareholders in the company.