Solar Trends Apps: Interview with Vineet Mittal 2022

Warm Greetings from EQMagPro

We will be happy to have an interview with your top management and hence kindly refer to following questions to be answered from your side. Once we receive your reply, we will be publishing it across our print, digital and social media network

Following questions are suggestive in nature and feel free to modify / add / delete any questions from below list :

• Please describe in brief about your company, directors, vision and mission.
  Vineet Mittal:

Navitas Green Solutions Pvt. Ltd.(Navitas Solar) strives to provide one of the best solutions for sustainable solar electric power with one of the most advanced production lines in India. With total installed capacity of 500 MW p.a. for solar module production, Navitas Solar stands among the largest solar module manufacturers in India. This translates into high quality, reliability and longevity of the solar modules produced. We are four directors Sunay Shah, Ankit Singhania, Aditya Singhania and myself. This is a company with a young team having all the well-educated promoters and that helps a lot for understanding the market quickly and adapting the new changes much faster. Our vision is to Emerge as India’s Most Trusted Solar Company by 2025. Our mission is to collaborate with the world’s best solar companies to develop and deliver the most reliable and efficient solar products & services, and to bring awareness & collaborate with like-minded institutes & individuals to stride towards a sustainable future.

• Please tell us about how you manage to shine out from your competitors in the industry.Vineet Mittal:

Navitas Solar is among the few solar manufacturing companies in the country to have backward and forward integration, distinguishing us from our competitors. Backward integration is provided by our subsidiary company, Navitas Alpha Renewables Pvt. Ltd. (NARPL), which manufactures EVA Sheets. In this way, we manufacture our own raw material that no one does so that we have full control on the value chain. In addition, we have fully automatic setup in manufacturing. In addition, we have in-house labs and we are hugely benefited from it. We are in this business since last 10 years, so we have been here for long term. All the listed points makes us different from our other competitors. Soon, we will launch our ESG platform, with a vision to support midsize and smaller Indian corporates in their journey towards energy transition and becoming fully sustainable. This will be one of its kind ecosystems and among the very few who have more than a decade of industry experience and own background of carbon neutrality.

• Please name key achievements of Navitas solar for the year 2022?
  Vineet Mittal:

The year 2022 has been fantastic for us. In this year, we have made some big achievements and we are very humbled to list up all of them. We have expanded our solar module manufacturing capacity to 500 MW p.a. and we have launched Bonito Module series- Mono PERC half cut modules that can generate up to 600 watts per panel. Navitas Group has clocked 200 cr of revenue this year and we aim to clock 250 Cr in FY 23. We have raised 8 Cr in Navitas Alpha Renewables Pvt. Ltd.(NARPL) in seed funding round and we are close to raise series A round funding at Navitas Solar from senior investors. In addition, we have launched “Fintech for Cleantech” for end user financing of small-scale rooftop solar installations.

• How are you looking forward in the New Year 2023?
  Vineet Mittal:

New Year will bring new opportunities for us. We want to grow residential rooftop solar’s adoption in the country as Residential sector has a huge potential to grow in future. Therefore, accelerating residential solar financing model will be our priority. In addition, we are lining up project of installing open access solar parks. Carbon market, agrivoltaics are some of the potential areas in solar sector and we look forward to deep dive into these areas. We intend to move our focus to large-scale supply, residential solar financing, solar parks and industrial EPC with up to 10 MW of single projects.

• Would you like to name few trending solar applications?
  Vineet Mittal:

Actually there are many but according to me, carport with bifacial panels, agrivoltaics, floating solar, wind-solar hybrid and solar with storage applications are trending nowadays. Although, some of them are in early stage but they will evolve largely in future.

• What is your expectation from COP 27 and how do you foresee its impact on clean tech businesses?
  Vineet Mittal:

Actually, I have visited COP27 this time. It was very first experience for me and it has been amazing. I have interacted with many people who are doing great in accelerating sustainability and make world a better place to live in! I have attended events at COP 27 and believe me, the experience is just fantastic. People are much more aware about mindful consumption. The event will surely accelerate renewable energy’s penetration in India.

• What are your thoughts on carbon neutrality?
  Vineet Mittal:

Nowadays, corporate sustainability is not a mere point of talk but it has converted into actions. Stakeholders and investors want to know how the organization is affecting the environment and that is why the awareness amongst the corporates has also increased with the time. We are extremely delighted to announce that Navitas Solar has become a Carbon Neutral organization. We have achieved a “Silver” level for 2021 from the United Nations Framework Convention on Climate Change (UNFCCC) on climate reporting under the ‘Climate Neutral Now’ initiative. With this step, we urge industry colleagues to minimize their emissions and work towards achieving carbon neutrality.

• What kind of Pricing and Technology Roadmap do you see coming through in the Industry

Vineet Mittal: We see that many consumers are adopting MBB (Multi Bus-Bars) modules and the demand of MBB modules is increasing day by day. Looking at the overall picture, we see that bifacial modules will also be among the choice of the consumers in future.

• Kindly highlight your product technology and company USPs, distinctive advantages.

Vineet Mittal: Our USP is a young team who can adapt the changes in technology quickly. We are focusing on new technology while improving the product continuously. Our new lines are at par with the best technology, which will be able to provide world-class multi bus bar panels. We are backed with a very strong in house QA and QC lab. We also have technically sound QA & QC team as well as R&D team that are continuously dedicated towards improving the quality.

• Kindly enlighten our reader on the performance of your modules in India in various geographical region’s customers’ feedback.

Vineet Mittal: Until now, in the Indian module market we have not received any recall of our modules. Our modules are giving excellent output since last 9 years. Even after 2015, our modules are giving supreme performance than other competitors. Our modules are ideal for large scale and rooftop installations as they provide optimum generation and efficiency. We are supplying all over India successfully because of our good service and installation. All the customers from pan India are satisfied with our service. We believe to provide the best quality modules, as we truly believe, “Quality is remembered long after the price is forgotten”.