Premier Energies , a leading solar technology company, has marked a significant milestone in India's renewable energy sector with the launch of its high-efficiency 620W Domestic Content Requirement (DCR) compliant Topcon solar modules. This development comes alongside the announcement of the commercial operation of its 1.2 GW N-Type G12R solar cell line, positioning Premier Energies as one of the pioneers in introducing G12R N-Type solar cell technology in India.

Cutting-Edge Technology

The newly launched modules feature Tunnel Oxide Passivated Contact (TOPCon) architecture, which brings several advantages:

• Higher power density
• Improved temperature performance
• Stronger low-light efficiency

These features collectively contribute to enhanced overall performance and efficiency of the solar modules.

Tailored for Indian Conditions

The rectangular G12R format of these modules is specifically designed to cater to various applications:

• Utility-scale solar parks
• Commercial installations
• Industrial rooftops

Notably, these modules offer superior conversion efficiency compared to conventional PERC (Passivated Emitter and Rear Cell) modules. They are engineered to withstand India's challenging climatic conditions, including:

• High heat
• Humidity
• Dust
• Strong winds

This resilience makes them particularly suitable for the diverse environmental conditions across India.

Leadership Perspective

Chiranjeev Saluja, MD and CEO of Premier Energies, described this launch as a significant milestone in India's transition to high-efficiency solar technology. The company's move aligns with the growing demand for more efficient and durable solar solutions in the country's rapidly expanding renewable energy sector.

Market Response

Despite the groundbreaking product launch, Premier Energies' shares experienced a slight decline in the market. The company's stock closed at ₹1,014.90, marking a 0.76% decrease.

This juxtaposition of technological advancement and stock performance highlights the complex dynamics of the renewable energy market, where long-term innovations may not always result in immediate positive market reactions.

As India continues its push towards sustainable energy solutions, Premier Energies' latest offering represents a significant step forward in solar technology, potentially setting new standards for efficiency and performance in the industry.

Premier , currently under Corporate Insolvency Resolution Process (CIRP), has released its unaudited financial results for the quarter ended June 30, revealing a continued suspension of operations and zero revenue, while managing to narrow its losses.

Financial Performance

The company reported no revenue from operations for the quarter, extending its trend of suspended manufacturing activities at the Chakan plant since March 3, 2020. The suspension is attributed to a lack of working capital, as disclosed in the company's financial statement notes.

Despite the absence of operational revenue, Premier managed to narrow its net loss to Rs. 194.00 lakhs for the quarter, compared to Rs. 233.00 lakhs in the previous quarter. This improvement was primarily due to reduced total expenses, which stood at Rs. 221.00 lakhs.

Other key financial highlights for the quarter include:

Corporate Insolvency Resolution Process Update

The Committee of Creditors (CoC) has approved a resolution plan submitted by Fab Metals Pvt. Ltd. with 92.47% assent. However, the approval from the National Company Law Tribunal (NCLT) is still pending. The company continues to be managed as a going concern during the CIRP period.

Auditor's Observations

The company's statutory auditors, Jayesh Dadia & Associates LLP, have raised several qualifications in their review report:

1. The company's net worth has been completely eroded.
2. Material uncertainty exists regarding the company's ability to continue as a going concern.
3. Lack of impairment assessment for assets.
4. Non-appointment of a Company Secretary for over 6 months.
5. Non-appointment of an internal auditor.

Additionally, the auditors noted a delay in transferring unclaimed matured fixed deposits and interest amounting to Rs. 46.55 lakhs to the Investor Education & Protection Fund.

Management and Governance

As per the CIRP process, the powers of the Board of Directors remain suspended. The company's affairs, business, and assets are being managed by the Resolution Professional, Ms. Kanak Jani, under the supervision of the Committee of Creditors.

Premier's ability to resume operations and its future prospects hinge on the completion of the CIRP process and the successful implementation of the approved resolution plan, subject to NCLT approval.