Waaree Energies said its US manufacturing subsidiary, Waaree Solar Americas Inc., has entered into a share subscription agreement with United Solar Holdings Inc., a Cayman Islands-based polysilicon producer, to subscribe to around 5.37 million Series B preferred shares for about $30 million.
The investment is a strategic move to secure a long-term, fully traceable polysilicon supply chain to support Waaree’s expanding manufacturing operations in the United States and other global markets.
United Solar Holding, incorporated in May 2023, produces high-purity polysilicon, a core raw material for solar cells and modules. The company operates a polysilicon manufacturing facility in Oman and maintains corporate operations in the Cayman Islands and Oman.
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