FRANKFURT—Germany’s Solarwatt opened a new production line for photovoltaic modules on Thursday as part of a 100 million euro ($117 million) investment, as it promotes the convergence of the renewable power, smart home, heating, and e-mobility. The line will produce one million modules per year, enough to allow 80,000 households to meet their power needs with renewable electricity, it said in a statement to coincide with an inauguration event. The company, backed by BMW’s billionaire shareholder Stefan Quandt, also presented two new production lines for storage batteries which it started operating recently. CEO Detlef Neuhaus said demand for photovoltaic systems from residential and commercial customers is rising not only in Germany but worldwide. “It is therefore extremely important that we have a strong solar industry in this country to drive innovation and to offer solutions which help people get clean energy as quickly and easily as possible,” he said. Two …