HomeLatest NewsReliance New Energy to buy 20% stake in US-based Caelux; Learn...

Reliance New Energy to buy 20% stake in US-based Caelux; Learn more

Reliance New Energy Limited (RNEL), a wholly owned subsidiary of Reliance Industries Limited, has signed a definitive agreement to invest in Calax Corporation (Calux), a company headquartered in Pasadena, California, USA, engaged in the development Perovskite-based solar technology. RNEL will invest USD 12 million to acquire 20 percent stake in Caelux

Caelux is an industry leader in the research and development of perovskite based solar technologies. Its proprietary technology enables high-efficiency solar modules that can produce 20 percent more energy over the 25-year life of a solar project at significantly lower installed costs.

Reliance is setting up a globally integrated photovoltaic gigafactory at Jamnagar in Gujarat. Through this investment and collaboration, Reliance will be able to make Caelux’s products more powerful and cost-effective solar modules.

The transaction will not require any regulatory approval and is expected to be completed by the end of September 2022, subject to the satisfaction of any conditions precedent, the company filing said.

Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited said, “Caelux’s investment is in line with our strategy to build the most advanced green energy generation ecosystem supported by world-class talent and built on the pillars of technological innovation. Strategic partnership. We believe Caelux’s proprietary perovskite based solar technology provides us access to the next step of innovation in crystalline solar modules. We will work with the team at Caelux to accelerate its product development and commercialization of its technology.”

The company said the investment will accelerate product and technology development for Caelux, including the construction of its pilot line in the US, accelerating the commercial development of its technology. RNEL and Caelux have also entered into a strategic partnership agreement for technical collaboration and commercialization of Caelux’s technology.

Scott Graybeal, CEO of Caelux Corporation said, “Caelux is proud to have Reliance as a lead investor as we move into the next phase of our development and is grateful for Khosla Ventures’ support to the company over the years. By partnering with Reliance, we will accelerate our efforts to build our manufacturing capacity to produce products that make crystalline solar modules more efficient and cost-effective. We look forward to demonstrating the future of solar power at scale as we support Reliance’s global expansion plans and product roadmap.

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