Insolare Energy

1Company Introduction Founded in 2009, InSolare Energy is a leading Renewable Energy EPC Solution Provider in India, offering end-to-end solar power solutions that integrate world-class technology with efficient execution capabilities. Nature of Business: Engineering, Procurement & Construction (EPC) and system integration of solar, BESS, and green hydrogen projects. Mission: To deliver competitive and innovative solar energy solutions that exceed customer expectations. Presence: Operations across 19+ states, with installations crossing 500 MWp historically. FY26 Operational Footprint: 0.70 GWp under execution and 0.75 GWp commissioned in the RE-EPC segment alone.

2Competitive Edge & Achievements Projects Executed: 350+ MW of solar projects successfully implemented. Projects Under Execution: 150 MW ongoing (legacy solar EPC); 0.70 GWp under execution as of FY26. O&M Portfolio: 100 MW being operated and maintained. Clients Served: 100+ reputed entities across industries. Patents: 50+ US/India patents filed (up from 10+ historically), with founders and leadership holding 60+ patents between them across CMOS scaling, AEM electrolyzers, and materials science. Workforce Strength: 200+ employees. R&D Intensity: 5% of overheads spent on R&D — a discipline uncommon in the broader EPC industry.

3Technology Adoption InSolare demonstrates extensive tech integration capabilities, enabling optimized project performance. EPC projects utilize a mix of: Racking Systems: Fixed Tilt, Single Axis Trackers, Seasonal Tilt Axis. Modules: Polycrystalline, Monocrystalline, Thin Film, Bi-facial modules. Strong supplier ecosystem ensures flexibility in module and inverter selection. In-house Manufacturing: 1.1 GW module line commissioned; production begins July 2026 (Solberry facility, ₹96 Cr project cost, financed via ₹45 Cr equity and ₹51 Cr debt).

4The Technology Moat A typical solar EPC firm sells labour and execution — thin, undifferentiated margins with no real moat. InSolare's differentiation lies in the technology it owns and develops in-house, spanning three founder-tech verticals. Energy Storage — Batteries that outlast off-the-shelf packs InSolare co-designs the Battery Management System (BMS) and power electronics alongside the battery pack itself, rather than bolting a generic BMS onto bought-in cells. The BMS is effectively the pack's brain — it balances every cell, manages temperature, and controls charge/discharge behavior, the four factors that determine how fast a battery ages. A bought-in battery paired with a generic BMS isn't co-optimized and degrades faster; InSolare's co-designed approach is built to deliver more usable cycles and a lower cost per stored kWh. Green Hydrogen — Betting on AEM to win the electrolyzer race Green hydrogen production today relies on two proven electrolyzer technologies: alkaline (cheap materials, but bulky and less efficient) and PEM (efficient and compact, but dependent on costly iridium/platinum). InSolare is developing Anion Exchange Membrane (AEM) technology, combining the abundant, nickel-based materials of alkaline systems with PEM-class efficiency — the newest, highest-risk, highest-reward path in the field. The bet is de-risked through a membrane tie-up with Versogen (widely regarded as the hardest part of the stack), lab testing in the US, and building out the rest of the stack in-house. Fuel Cell Technology & Energy Storage Systems Fuel cell technology converts hydrogen back to electricity at high conversion rates, while Energy Storage Systems (ESS) enable efficient energy capture and release to support power grid stability. Offshore Hybrid Wind-Solar Systems Proprietary systems for marine-based clean energy generation, extending InSolare's technology stack beyond land-based solar. Technology Deployed & Owned at Scale: Metric Scale RE-EPC Commissioned 0.75 GW RE-EPC Under Execution 0.70 GW BESS (SECI project) 1.4 GWh RE Parks Development 1 GW Green Ammonia 85 KTPA

5Project Execution Framework InSolare follows a structured 5-step execution cycle: Land Acquisition & Due Diligence Regulatory & Grid Approvals Power Purchase Agreement (PPA) Negotiation Engineering & Execution Operations & Maintenance (O&M) This model ensures timely delivery, regulatory compliance, and asset performance optimization.

6Management & Leadership Pedigree InSolare is built around a founding team unusual for an EPC company — semiconductor scientists and applied researchers rather than solar contractors, backed by operations leaders with large-scale execution discipline. This is a team, as InSolare's research backers put it, that "cannot be assembled twice." Dr. Sunit Tyagi — Chairman & Managing Director: IIT Bombay ( B.Tech ) + PhD from Rensselaer Polytechnic Institute. Spent 15 years at Intel Oregon, leading CMOS scaling efforts and Intel's first India-designed microprocessor. Holds 15 US patents and is an IEEE Distinguished Lecturer. Dr. Hemanshu Bhatt — Executive Director & CTO: IIT Bombay (M.S.) + PhD from Virginia Tech. NASA alumnus with a background in Chemical Engineering & Materials Science. Holds 30+ US patents and leads the company's AEM electrolyzer and PEM research. Navashil Sharma — Executive Director & CEO: Prior leadership experience at Intel (13 years). Responsible for scaling the company's deep-tech IP into GW-scale delivery and bridging the lab with the P&L. Col. Pravir Mishra — COO: Ex-Army, IIM-Ahmedabad, IIM-Lucknow; leads operational execution. Col. Gopal Samanta — Projects & Operations: Retired Indian Army Colonel with 23 years of service, bringing large-scale logistics and process discipline to GW-scale build-out. Dipak Patel — Design Head: Former Atkins, UK. Together, the leadership holds 60+ patents between them, embedding an R&D discipline into project execution that the broader EPC industry typically lacks.

7Solar Industry Landscape India's Installed Capacity (2023): Fossil Fuels: 273 GW Renewables: 173 GW Total: 410 GW Target by 2030: Rene