Waaree Energies Limited India Announces Collaboration with GT Advanced Technologies

13th Nov 14,  Mumbai, Maharashtra

Waaree Energies Limited India and GT Advanced Technologies have announced their plan to enter into an agreement for the development of technology and manufacture of products in the solar sector.

Under this agreement, the companies plan to develop and deliver to the Indian market innovative solar products incorporating GT Advanced Technologies' patented Merlin™ interconnect system. By integrating this innovative technology with Waaree's proven expertise in the cost effective manufacturing of high quality solar panels, the two companies will enable the manufacturing of "Made in India" solar panels with form-factors that uniquely address the Indian market's diverse needs that range from multi-megawatt solar farms to low cost distributed power implementations. Utilizing GT's innovative Merlin technology, which will deliver lower costs and improved field reliability, Waaree plans to aggressively participate in the Indian EPC/IPP markets and offer industry best-of-class LCOE metrics.

In addition to the India based cooperation, the companies are exploring the possibility of establishing a Waaree run module factory in the US to deliver "Made in the US" Advanced Technology Modules to the US market. This will enable GT's US based advanced Technology Module customers to seamlessly transition from pilot production in GT's Merlin™ Technology Center in California to the high volume factory.

About Waaree Energies Limited:

WAAREE is one of India's leading "multi-technology" companies, headquartered in Mumbai. Founded in 1989, Waaree successfully developed cutting edge technologies to become one of the most preferred brands in the field of instrumentation. The company's major business lines are solar energy, industrial valves, petroleum equipment and process control instrumentation. Over the years WAAREE has rapidly expanded, combining organic growth with selective acquisition policies. The primary objective is to be at the forefront of industrial development by being commercially and technologically advanced. Waaree has presence in over 68 countries.

Website: http://www.waaree.com

Media Contact for Waaree Energies Limited: hitenparekh@waaree.com