Founded by the company, Startup Energy will work on producing high-efficient solar panels for residential, commercial, and industrial applications.
In a strategic move, it has entered an agreement with Jinchen-a Chinese enterprise whose main focus is equipment for the renewable energy and new material industries. Jinchen is going to install a 5GW advanced solar module manufacturing line in a phased execution that is equipped with advanced automation and high-efficiency production technologies.
Rajesh Agarwal, managing director, Micromax Informatics, said,“At Micromax, we have always been driven by innovation and a commitment to transforming lives through technology. With Startup Energy, we are extending this vision to the renewable energy sector, bringing our expertise in cutting-edge solutions to solar power".
With the Indian government eyeing 500 GW of renewable energy capacity to be attained by 2030, the apex demand for high-quality, local solar panels is on the uptick. Startup Energy aims to capitalize on this demand through building a world-class facility producing solar panels. Another of its objectives is to tie up with cutting-edge technologies in developing solar solutions to up energy-efficiency and sustainability through strategic partnerships in R&D.
This is Micromax's third major venture in recent months as it dips its hands into diversified operations. It is foraying into assembling and designing mobile phones for other brands right from Greater Noida. It has also collaborated with Taiwan-based Phison to produce memory modules for IT hardware, apart from venturing into OTT content delivery to Indian TV audiences.
The company will establish Micromax as an important player in India's renewable energy sector through Startup Energy and contribute towards achieving the nation's ambitious clean energy goals.