Novasys To Supply TOPCon Based Modules From April, IPO Soon

Maharashtra-based solar module manufacturer Novasys (Nova Solar) has now planned to start supplying TOPCOn solar modules from April of this year. The top management of the company in an interaction with Saur Energy said that it has received the concerned approvals for the same. The firm also announced launching IPO in FY26.

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“We have launched TOPCon, and the certification process is complete. We are now focusing on expanding primarily in TOPCon technology. A 650WP TOPCon certification will be available soon. We plan to commence TOPCon solar module production in April this year,” Ashok Singh, President (Solar Business) at Novasys told Saur Energy at the sidelines of Inter Solar at Gandhinagar.

IPO By April FY26

The company also said that it has planned to launch an Initial Public Offering (IPO) in FY26. This stems from the higher capital the firm will require to fund its plans to start a solar cell production line. The company has planned to start a solar cell line of TOPCOn from Nagpur. The earnings from the public investment through IPO are likely to be spent on this project by the firm.

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“We have decided to bolster our backward integration. We have planned a 2 GW of solar cell line and 3-4 GW of Aluminium frame production. We have decided to launch our IPO in FY26, likely by May of this year. We are now undertaking the paperwork accordingly,” Singh told Saur Energy. When asked about the issue of DCR cells in the market for government projects that mandate the use of DCR cells, Singh admitted to the challenge but said with more firms coming up with solar cell lines, the issues will be sorted out.

DCR Cell Shortage

“Yes, there is a shortage of DCR (Domestic Content Requirement) modules in the market. With the PM Surya Ghar and PM-KUSUM schemes making DCR mandatory, demand has surged to 8-10 GW, while supply remains limited to just 2-3 GW. The shortage persists and is widening. Looking ahead, we have planned to start solar cell production by 2025-26, utilizing TOPCon technology,” he said.

You can watch a cut from our video interview with Mr Singh here (Linkedin). Full video interview coming soon.