CubicPV, Waaree sign five-year deal for annual solar cell supply of 1 GW

USA-headquartered CubicPV has landed a five-year silicon solar cell supply contract from Indian module manufacturer Waaree Energies. Under the deal, CubicPV will supply, per annum, 1 GW of Direct Wafer cells to Waaree.

Laureen Sanderson, chief communications officer at CubicPV, told pv magazine, “The cells will be supplied from CubicPV’s 2 GW wafer/cell facility planned in India. The company is in active discussions regarding the factory’s location. Effectively immediately, the five-year agreement – subject to certain terms and conditions and with options for renewal – establishes a commitment for an annual purchase volume of 1 GW of Direct Wafer cells from Cubic’s factory.”

Waaree will begin purchasing cells from CubicPV upon completion of the factory, Sanderson added.

CubicPV was formed from the merger of U.S.-based wafer maker 1366 Technologies and U.S.-based solar technology company Hunt Perovskite Technologies (HPT).

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 resulting product is claimed to deliver the world’s lowest cost of electricity today, while offering a significant reduction in carbon footprint over conventional methods.

The CubicPV technology will strategically position Waaree to capture the 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 with CubicPV provides Waaree with a domestic supply line and thus 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.