Introduction:
Zetwerk, the Bengaluru-based contract manufacturing unicorn, has announced plans to invest ₹500 crore over the next two years to expand its renewable energy manufacturing capabilities. This strategic move aims to capitalize on the growing demand for clean energy solutions both in India and globally.
Srinath Ramakkrushnan, co-founder and COO of Zetwerk, shared the company’s vision for this significant investment:
- Expanding Manufacturing Capacity The ₹500 crore investment follows a previous allocation of ₹300 crore in recent years. This new infusion will be financed through a mix of debt and equity from the company’s balance sheet, demonstrating Zetwerk’s commitment to sustainable growth in the renewable sector.
- Focus on Solar and Offshore Wind Zetwerk plans to enhance its presence in two key areas:
- Solar energy: Targeting opportunities in both India and the United States
- Offshore wind: Expanding operations in the US and European markets
- Leveraging Recent Successes :The company recently secured a significant order for the production of ALMM-compliant solar photovoltaic modules for NTPC’s 1,200 MW Khavda solar project in Gujarat. This deal, potentially valued at ₹2,500 crore, showcases Zetwerk’s growing prominence in the renewable energy sector.
- Diversification into EV Components In addition to renewable energy, Zetwerk is expanding into electric vehicle (EV) component manufacturing. The company is focusing on producing domestically manufactured fast DC chargers and battery packs, catering to the evolving needs of the EV industry.
- Impressive Growth Trajectory Since its inception in 2018, Zetwerk has raised over $700 million in equity funding. The company was recently valued at $2.8 billion and anticipates a 30% revenue growth in the renewables sector this year, with a current order book exceeding ₹12,000 crore.
Ramakkrushnan emphasized the long-term potential of the solar sector: “We see the solar sector both in India and the US as a multi-decade opportunity. With India’s goal to reach about 500 gigawatts of solar energy generation capacity by 2030, the focus is on manufacturing.”
This investment aligns with India’s ambitious renewable energy targets and positions Zetwerk as a key player in the country’s transition to a green economy. By expanding its manufacturing capabilities, Zetwerk aims to meet the rising global demand for clean energy solutions and contribute to sustainable development.
Conclusion:
Zetwerk’s ₹500 crore investment in renewable energy manufacturing demonstrates the company’s commitment to innovation and sustainability. As the world moves towards cleaner energy sources, Zetwerk’s strategic expansion in solar and offshore wind sectors positions it to play a crucial role in shaping the future of renewable energy production, both in India and globally.
