ICON Solar to launch TOPCon solar module

ICON Solar to launch TOPCon solar module

#solarpower #renewableenergy #ICONSolar

Since 2014, ICON Solar has been in solar module manufacturing, specializing in Polycrystalline and Monocrystalline solar modules. Starting this July, the company plans to produce N-Type TOPCon modules!

Here’s a sneak peek into what’s brewing, straight from our Editor’s conversations with ICON’s Director, Shakti Dubey, and General Manager of Marketing, Rajat Shrivastava at RenewX 2024, Hyderabad:
• Aim: Snagging 10-15% market share.
• Power Play: Get ready for 610W TOPCon modules in July, followed by a whopping 670W in September!
• Capacity Surge: Boosting capacity to 1.4 GW by August (from the current 600 MW), eyeing a staggering 2.2 GW by October 2024!
• Financial Goals: Targeting a top-line of Rs. 1,000 Cr in the current fiscal year.
• People Power: Boasting 95% client retention and a whopping 99% employee retention rate!
• Job Creation: Buckle up for around 500 skilled job opportunities with new capacity addition.
• Green Horizons: Setting sights on venturing into green hydrogen and energy storage in the future!

Can you provide a brief overview of the company’s services and activities?
Shakti Dubey: Since its inception in 2014, Icon Solar Power Technologies Pvt. Ltd. has been dedicated to module manufacturing, constantly refining our offerings to meet client demands. Over the past decade, we’ve progressed from poly modules with 3, 4, and 5 busbars to more advanced technologies. In the past year, our focus has shifted towards producing the latest Topcon modules. As the market expands, our goal isn’t just to compete but to grow alongside it. By maintaining a 10-15% market share, we ensure our capacity aligns with market demands.

Are you planning to launch the N-Type in the Topcon segment?
Shakti Dubey: Yes, we’re introducing the N-Type Topcon. Our IEC certification is expected by June, followed by BIS certification by the end of June. By July, we’ll commence supplying Topcon panels, ranging up to 610W initially and extending to 670W from September onwards. Additionally, G2G availability is slated for September. Our current offerings are based on bifacial technology with a transparent back sheet. ICONSOLAR’s current capacity is 600 MW, with an additional 800 MW set to be added in August, bringing the total to 1.4 GW. By the time of REI, the largest renewable expo, we anticipate reaching 2.2 GW.

Is this product intended for the domestic market only, given its current size and demand?
Shakti Dubey: No, we’re not solely focusing on India; we’re also targeting the US and European markets. We’ve already supplied to various regions including Vietnam, Africa, Sri Lanka, and other parts of South Asia. Next week, we anticipate supplying 121 MW to meet Europe’s demand, and in the future, we aim to enter the US market as well. We’re actively working on collaborations to facilitate this expansion, and once Topcon is launched, we expect to penetrate the US market successfully.

How much have you invested so far, how much are you investing in the new capacity expansion, and what is your current revenue?
Shakti Dubey: In the previous year, we invested approximately 50 crores, and this fiscal year, our goal is to invest 120 crores to expand our manufacturing plant by adding 1.4 GW of capacity. Our revenue last year was 450 crores, and this year, we anticipate it will easily reach 1000 crores.

As your company grows both horizontally and vertically, it takes on more responsibilities to society and the industry. Can you elaborate on how you address these responsibilities?
Shakti Dubey: Our organization has a strong commitment to environmental stewardship and community welfare. Located in areas where we prioritize the well-being of the local community, we’ve maintained a client retention rate of 95% over the past decade. This reflects our focus on meeting the needs of our client base, who are experiencing growth alongside us. Additionally, we’re proud to have achieved a 99% employee retention rate over the same period.

What are your plans for creating new jobs?
Shakti Dubey: With the introduction of our new 1.4 GW capacity, we anticipate a need for approximately 500 skilled workers to meet the demand. We prioritize skilled manpower for manufacturing roles. Additionally, once installations begin, both skilled and unskilled workers will be required. Renewable energy presents a significant opportunity for job creation, offering immediate employment opportunities as soon as supply begins. 

What are the short-term, mid-term, and long-term visions for Icon Solar over the next decade or so?
Shakti Dubey: In the short term, we anticipate reaching a capacity of 2.2 GW this financial year. Moving forward, we plan to venture into cell manufacturing, aiming for a self-sufficient capacity of 2 GW in the next financial year. This aligns with our two-year roadmap, and we’re also exploring other forms of green energy for the future, such as hydrogen or battery technology. As the industry trends towards hydrogen and storage systems alongside renewables, we aim to stay ahead by focusing on these sectors in the coming decades.

Can you provide details about your current participation and highlights of the showcase?
Rajat Shrivastava: At events like RenewX 2024, Icon Solar is excited to present our latest innovation: n-type Topcon technology. Alongside our existing offerings like monocrystalline, bifacial, and monofacial panels, we’re introducing this new technology featuring non-permanent bifacial capabilities, delivering up to 590W per bed. We consistently participate in events like RenewX to showcase our innovative technologies and manufacturing enhancements. This time, our spotlight is on n-type Topcon technology.

Could you explain why you have chosen to introduce the n-type Topcon and how it will complement your current product line?
Rajat Shrivastava: Currently, there is a growing demand for n-type Topcon solar panels, alongside continued demand for monocrystalline and bifacial panels. Due to its higher efficiency, many consumers are opting for n-type Topcon, which can typically achieve around 33% efficiency. Consequently, major players and large-scale projects are increasingly turning to Topcon technology.

Do you want to communicate any messages to your current and potential customers?
Rajat Shrivastava: To our retail customers and households, I encourage you to consider adopting rooftop solar energy for your homes. Currently, the government offers substantial subsidies, and banks provide loans at meager interest rates, making it an opportune time to switch. As for CNI’s (Commercial, Industrial, and Institutional customers) and large players, I want to assure you that there’s a significant influx of supply in the Indian market. We are addressing pricing concerns and ensuring that the quality of panels matches international standards. You can expect to find high-quality panels in India along with excellent service.

WATCH the full interview now!