Why we invested in Renkube

Renkube is a renewable energy startup founded by Janardhan V , Deepika Gopal , Bangolae Lakshmikanth Balaji , and Lakshmi Santhanam . Lakshmi has a Ph.D. in network security from the University of Cincinnati and has worked with 英特尔 and 思科 in the past. Balaji began his career at Tata Elxsi and then became the first employee of Cisco India. He possesses 13 USPTO-approved patents that have been implemented into many Cisco technologies. Deepika holds a master's degree in computer science from the University of California, San Diego, and has worked at Cisco for six years while Janardhana has a Ph.D. in microwave communications.

There seems to be a paradox of some proportion where a group of software engineers is attempting something in clean energy. But this is exactly what makes them see the problem from a fresh perspective giving an “outsider” approach. They build proprietary software that creates optimal designs of solar glass using advanced algorithms to collect more sunlight for the solar panel. Renkube is introducing a revolutionary light-harvesting glass to the market that absorbs more sunlight and redirects it to the solar cells, improving the energy production of the solar panel by 20%. In order to design a glass that can collect more sunlight without the need for chemical coatings or electro-mechanical components, they put their experience in machine learning algorithms to use. Despite not being a retrofit for the current solar panels, this technique may be used with any underlying solar cell technologies, including mono, perc, perovskite, etc. They intend to use their product-building knowledge to create innovative products and solutions in solar and clean energy applications. Renkube’s mission is to become the “Intel” of the solar world.

Innovation & its Need?

To provide a better energy yield per unit than earlier and rival models, manufacturers are always introducing little modifications to their solar panels. Utilizing solar trackers, which, in contrast to fixed-tilt ground-mount systems, cause solar panels to follow the sun's path throughout the day, is another tested method to boost system output. Solar trackers come in single-axis and dual-axis varieties, which are the two most common versions on the market. Single-axis solar trackers move in unison, by panel row, or by section while tracking the sun from east to west. Dual-axis trackers enable panels to directly track the sun by rotating on both the X and Y axes.

Losing the need for trackers is the genius of their innovation. The prism design adjusted for the geolocation and sun movements of the panel will result in light being reflected much more efficiently. In simplest terms, it will bring down the cost of installation and maintenance with the potential to harness energy efficiency per square inch. Design innovation gives the product extra flexibility and an opportunity to scale easily since it can account for sizes, capacities, locations, etc. with relative ease.

Market

Adoption of solar panels, installation, and embracing of solar energy via rooftop farms both for residential and industrial use has been picking up largely. Solar power installed capacity has increased by more than 18 times, from 2.63 GW in March 2014 to 49.3 GW at the end of 2021. In FY22, till December 2021, India has added 7.4GW of solar power capacity, up 335% from 1.73 GW in the previous year. India installed a record 1,700 megawatt (MW) of rooftop solar capacity in 2021, registering a 136 percent year-on-year rise, according to a Mercom India Research report.?

In terms of the industry, Borsil is by far the only solar glass manufacturer in India today. The company has a 40% market share in the Solar Glass segment. Historically, it has expanded its glass capacity from 180 TPD to 450 TPD, which is equivalent to the production of 2.5 gigawatts of solar modules annually, and underwent a demerger to fully focus and expand the solar glass manufacturing business.

The Government has taken the following significant steps recently:?

1. A basic customs duty of 40% on the import of modules and 25% on the import of solar cells has been levied from April 01, 2022.?

2. A PLI (Production Linked Incentives) scheme has been announced - National Programme on High-Efficiency Solar PV Modules - under which the allocation has been raised from INR 4500 crore to INR 24000 crore to help build almost 30 GW manufacturing capacity across the solar PV value chain. The scheme promotes the use of domestically produced components by incentivizing the use of domestic components, including solar glass.

3. Approved list of Models and Manufacturers (ALMM) has been introduced to promote the use of domestically manufactured Modules which will cover more solar PV capacity being installed in the country.

How it will benefit Renkube?

We expect the company to benefit from the increased adoption of solar panels and installation of solar energy via rooftop farms both for residential and industrial use given their expertise and scalable designs.? We are excited to work with them in realizing their true potential as the company plans to use the fresh funds to create industrial-scale manufacturing of solar panels, secure necessary certifications, and demonstrate the technology with industrial customers in India, US, and Australia.?

At IIMA Ventures we are on the continuous lookout for such disruptors who bring in a different perspective trying to solve a difficult problem with technology-backed innovation. We would love to add value to your journey. Please do write to us at [email protected]