India X Cleantech — August 2021
Originally published on Future Trends.
Welcome to another issue of our new India x Cleantech series! On a monthly basis, we are pulling news from across clean technology sectors in India into a single, concise summary article about the country.
Cleantech Investments
First Solar Plans $684 Million Module Fab In India
US-based thin-film module manufacturer First Solar has announced plans to set up a facility in India. The company plans to invest $684 million to set up a production capacity in the state of Tamil Nadu with an annual production capacity of 3 gigawatts. The facility is likely to be operational by mid-2023 and will increase First Solar’s global production capacity to 16 gigawatts. First Solar hopes to take advantage of a recently announced incentive scheme for cell and module manufacturers by the Indian government.
IndiGrid Acquires 100 Megawatts Solar Projects From Fotowatio
Infrastructure Investment Trust IndiGrid acquired two solar power projects from Fotowatio Renewable Ventures. The projects have a total capacity of 100 megawatts and are located in a solar power park in Andhra Pradesh. This is the first solar power acquisition by IndiGrid, which holds the power transmission projects of Sterlite Transmission.
Rayzon Solar Plans To Expand Module Production Capacity To 1.2 Gigawatts
Indian solar module manufacturer Rayzon Solar has announced plans to expand its production capacity from 300 megawatts to 1,500 megawatts per year. The company will expand its Gujarat-based manufacturing unit and has placed orders with Chinese companies for the supply of manufacturing equipment.
Reliance Industries May Acquire REC Group
One of India’s leading industrial conglomerates, Reliance Industries, is reportedly looking to acquire Norwegian solar module manufacturer REC Group. The reports come weeks after Reliance Industries announced plans to set up solar cell and module manufacturing units in the state of Gujarat.
Enel Green Secures $50 Million Debt For 300 Megawatt Solar Project
Enel Green Power India has secured debt funding worth $50 million for its 300 megawatt solar power project in the state of Rajasthan. The funding has been provided by the Asian Infrastructure Investment Bank. The project was awarded to Enel as part of a 2 gigawatt solar power auction conducted by the Solar Energy Corporation of India.
Azure Power Lands $163 Million Debt Funding From Japanese Group
Nasdaq-listed Azure Power has secured debt funding worth $163 million from multiple lenders led by Japan’s Mitsubishi UFJ Financial Group. Five-year debt will be used for the construction of a 300-megawatt solar power project located in the state of Rajasthan.
Thailand’s PTT Group Acquires Stake In Avaada Energy
Global Power Synergy, a subsidiary of Thailand’s PTT Group, has acquired a 41.16% stake in solar IPP Avaada Energy for $453 million. Avaada Energy has a portfolio of 3.7 gigawatts, including 2.3 gigawatts of capacity under construction. PTT currently has a renewable energy portfolio of 2.1 gigawatts and plans to increase it to 8 gigawatts by 2030.
KKR-based Renewable Energy Infrastructure Investment Trust Files For IPO
Virescent Infrastructure is looking to raise Rs 4.25 billion through an infrastructure investment trust IPO. The company owns 394 megawatts of renewable energy assets spread across Maharashtra, Gujarat, Rajasthan, Uttar Pradesh, and Tamil Nadu. The company is owned by KKR and Co.
Acme Raises $344 Million Through Green Bonds
One of India’s leading solar power generation companies, Acme Solar Holdings, has successfully raised $344 million through a green bonds issue. The bonds have a tenure of five years and were priced at 4.7%. Proceeds from this green bond issue will be used by the company to complete 12 under-construction projects. The company has 2.2 gigawatts of operational assets and 2.4 gigawatts of capacity under construction.
Senvion’s India Business Sold To Alfanar
The Saudi Arabia-based manufacturer of power equipment Alfanar has completed the acquisition of Senvion’s India business. Alfanar completed the transaction through Global Renewable Energy Development Holding Company Limited, which acquired Senvion India in December 2020. Senvion Group was acquired by Suzlon Energy, once India’s largest wind energy solutions provider, in 2007. The group was known as REpower Systems at that time. Suzlon was forced to sell Senvion in 2016 to a private equity investor after the former entered a financial tailspin.
Electric Mobility
Ola Electric Receives 100,000+ Bookings In A Day For Upcoming Electric Scooter
Ola Electric, a subsidiary of cab-hailing service Ola, has received a tremendous response for its soon-to-be-launched electric scooter. Ola Electric reported that more than 100,000 potential buyers registered to buy the scooter. The company set a booking price of just Rs 500 ($6.70) for anyone looking to reserve a scooter. The company will manufacture the scooter at its Futurefactory. According to the company, the facility will be the largest electric scooter manufacturing facility in the world with 10 production lines spread across 2 square kilometers.
Renewable Energy & Batteries
NTPC Wins Approval For 4.7 Gigawatt Solar Park, India’s Largest
India’s largest power generation company, NTPC Limited, was given a go-ahead by the Ministry of New and Renewable Energy to set up the country’s largest solar power park. The park, first announced by the company in 2019, will have 4.7 gigawatts of solar power projects and will be located in the western state of Gujarat. NTPC currently has a generation fleet of 66 gigawatts, 92% of it based on thermal power technology. It plans to increase the share of renewable power in its fleet to 28.5% by 2032.
NTPC & ONGC Plan To Partner For Offshore Wind Energy Projects
Power generation company NTPC Limited and oil and gas exploration company ONGC Limited have announced a partnership to set up offshore wind energy projects. The latest announcement of partnership between the two public sector companies is unlikely to bear any fruit in terms of actual project development, at least in the near future. Offshore wind projects, while much more efficient compared to onshore projects, are very expensive. At present, the subsidized offshore projects will not be able to compete with record-low solar power tariffs.
Tata Power To Focus On Renewable Energy, Add 15 Gigawatts Of Capacity
The Chairman of Tata Power has announced that his company will add 15 gigawatts of renewable energy capacity over the next few years. The company currently has 1.8 gigawatts of solar and wind energy capacity operational and another 373 megawatts under development. Its subsidiaries offer EPC services and manufacture solar cells and modules. Currently, 69% of Tata Power’s generation capacity is based on coal. The company has announced plans to increase the share of clean and renewable energy technology to 80% by 2030. The company also plans to achieve carbon neutrality by 2050.
Siemens Gamesa Bags 322 Megawatt Order From ReNew Power
One of India’s leading renewable energy generators, ReNew Power, has placed an order for 322 megawatts of wind turbines with Siemens Gamesa. The turbines will be installed in the state of Karnataka. This latest order follows another similar order where ReNew ordered turbines worth 301 megawatts.
450 Megawatt Solar Projects Auctioned At ¢3.1/kWh
NTPC and Solar Arise were awarded rights to develop 325 megawatts and 125 megawatts of solar power projects. The projects will be developed in the state of Madhya Pradesh. Part of the power generated from these projects will be procured by Indian Railways.
Your next camping trip is about to get an upgrade. Kia just dropped two new electric van concepts based on the PV5. With AI-powered home appliances like a refrigerator and microwave, and even a wine cellar, Kia’s new PV5 “Speilraum” is an electric van built for camping and more.
Meet the Kia PV5 Spielraum: An electric van for camping
Kia wasn’t lying when it said its first electric van would offer something for everyone. At the 2025 Seoul Mobility Show on Thursday, Kia and LG Electronics unveiled two new electric van concepts based on the PV5.
The Spielraum electric vans are built for more than just getting you from one place to another. With LG’s AI-powered home appliances, custom interiors, and a wine cellar, the Speilraum models take the PV5 to the next level.
Kia unveiled two new concept vans, the Spielraum Studio and Spielraum Glow cabin. For those wondering, the term Spielraum is German for “Play Space” or leeway. In other words, Kia is giving you more freedom to move.
The Studio version is designed as a mobile workspace with LG appliances like smart mirrors and a coffee pot. Using AI, the system can actually determine how long your trip will take and will recommend when to use the appliances.
Even more exciting (at least for the vanlifers out there), the Glow cabin converts the PV5 into a mobile camper van.
With a refrigerator, microwave oven, and added wine cellar (you know, for those long trips), Kia’s electric van is sure to upgrade your next camping trip.
Kia and LG signed an MOU and plan to launch production versions of the Spielraum electric vans in the second half of 2026. The South Korean companies are also developing a new series of advanced home appliances and other AI solutions that could be included in the vans when they arrive.
The PV5 will initially be available in Passenger, Cargo, and Chassis Cab setups. However, Kia plans to introduce several new versions, including a Light Camper model.
At 4,695 mm long, 1,895 mm wide, and 1,899 mm tall, the Kia PV5 passenger electric van is slightly smaller than the European-spec Volkswagen ID.Buzz (4,712 mm long, 1,985 mm wide, 1,937 mm tall).
With the larger 71.2 kWh battery pack, Kia’s electric van offers up to 400 km (249 miles) of WLTP driving range. It can also fast charge (10% to 80%) in about 30 mins to get you back on the road.
Kia will launch the PV5 in Europe and Korea later this year, with a global rollout scheduled for 2026. Ahead of its official debut, we got a closer look at the PV5 on public roads last month (check it out here).
Would you take the PV5 Spielraum Glow cabin for camping? Or are you going with the Studio version? Let us know in the comments.
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Tesla Cybertruck owners are starting to get the fix for the truck’s recent recall related to a falling trim. The fix is ridiculous for a $80,000-$100,000 vehicle as it leaves a weld burn and a panel gap.
Last month, Electrek reported that Tesla had quietly put a containment hold on Cybertruck deliveries.
While the reason was not confirmed at the time, we reported that we suspected that it was a problem with the cantrail, a decorative trim that covers the roof ledge of a vehicle. For the Cybertruck, it consists of the highlighted section below:
A week later, Tesla announced that it recalled all Cybertrucks ever made over an issue with the cantrail: it is falling off the Cybertruck.
Now, some Tesla Cybertruck owners are starting to receive the “fix” for the recall, but it is quite disappointing for what is a $80,000 to $100,000 vehicle.
A Cybertruck owner in New Jersey was already having issues with his cantrail and had to have his tent system installed, so his truck was already at the service center when the recall happened. He was given back his truck with the fix, but he was disappointed with the results, which left a mark on the cantrail and a significant panel gap. He shared pictures via the Cybertruck Owners Club:
According to the recall notice, the fix is as simple as removing the trim, applying some butyl patches, and reapplying the trim with two new nuts to secure it.
In the case of this Cybertruck, the new nut is leaving a significant gap on the chassis that Tesla should never have felt acceptable to deliver to a customer.
As for the burn or rust mark, the owner speculated that it was a weld mark as they weld the new nut, but there’s no welding required in the fix. Therefore, it’s not clear what happened, but there’s clearly a mark where the new nut is located.
Here’s a video of the process:
Electrek’s Take
Tesla is lucky. Many of its owners, especially with newer vehicle programs, like the Cybertruck, are early adopters who don’t mind dealing with issues like this.
However, this is a $80,000 to $100,000 vehicle, and most people expect a certain level of service with those vehicles.
You can’t have a remedy for a manufacturing defect that results in panel gaps and marks like this. It shouldn’t be acceptable, and Tesla shouldn’t feel good about giving back a vehicle like that to a customer.
On top of all of this, this is a pain for Cybertruck owners with wraps. They are going to have to rewrap the trim and it doesn’t look like Tesla is going to cover that.
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Romain Costaseca | Afp | Getty Images
As crypto prices rallied to record highs last year, venture investors piled into new bitcoin-related startups.
The number of pre-seed transactions in the market climbed 50% in 2024, according to a report published Thursday from Trammell Venture Partners. The data indicates that more entrepreneurs entered the bitcoin arena despite a cautious funding environment for the broader tech startup universe.
Bitcoin more than doubled in value last year, while ethereum rose by more than 40%. Early in the year, the Securities and Exchange Commission approved exchange-traded funds that invest directly in bitcoin and then extended the rule to ethereum, moves that brought a wider swath of investors into the market. The rally picked up steam in late 2024 after Donald Trump’s election victory, which was heavily funded by the crypto industry.
The early-stage startup boom dates back several years. According to the Trammell report, the number of pre-seed deals in the bitcoin-native category soared 767% from 2021 to 2024. Across all early-stage funding rounds, nearly $1.2 billion was invested during the four-year period.
“With four consecutive years of growth at the earliest stage of bitcoin startup formation, the data now confirm a sustained, long-term venture category trend,” said Christopher Calicott, managing director at Trammell, in an interview.
Venture capital broadly has been slow to rebound from a steep drop that followed a record 2021. Late that year, inflation started to jump, which led to increased interest rates and pushed investors out of risky assets. The market bounced back some in 2024, with U.S. venture investment climbing 30% to more than $215 billion from $165 billion in 2023, according to the National Venture Capital Association. The market peaked at $356 billion in 2021.
Trammell’s research focuses on companies that build with the assumption that bitcoin is the monetary asset of the future and use the bitcoin protocol stack to develop their products.
The numbers weren’t universally positive for the industry. Across all rounds as high as Series B, the total capital raised declined 22% in 2024.
But Calicott said he’s looking at the longer-term trend and the increase in the number of pre-seed deals. He said the renewed interest in building on blockchain is largely due to technical upgrades and increased confidence in bitcoin’s long-term resilience.
“Serious people no longer question whether bitcoin will remain 15 or 20 years into the future,” he said. “So the next question becomes: Is it possible to build what the founder is trying to achieve on bitcoin? Increasingly, the answer is yes.”
Trammell has been investing in bitcoin startups since 2014 and launched a dedicated bitcoin-native VC fund series in 2020. Its portfolio includes companies like Kraken, Unchained, Voltage and Vida Global.
Recent reports show momentum in crypto startup funding more widely. In February, crypto VC deals topped $1.1 billion, according to data and analytics firm The Tie.
PitchBook forecasts that crypto VC funding will surpass $18 billion in 2025, nearly doubling the $9.9 billion annual average from the 2023 to 2024 cycle. The firm expects greater institutional engagement from firms like BlackRock and Goldman Sachs to deepen investor trust and catalyze further capital inflows.
Joe McCann, a former software developer, is launching his third venture fund, and said this one will be “exclusively focused on consumer apps in crypto.”
He draws a direct parallel to the internet’s early days.
“In the 1990s, VCs were investing in physical infrastructure,” said McCann, who runs Asymmetric, a digital asset investment firm managing two hedge funds and two early-stage venture capital funds, with $250 million under management. “Ten years later, it was Groupon, Instagram, Facebook — apps built on top. That’s where we are with Web3 right now.”
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