Reliance New Energy Limited (RNEL), a wholly owned subsidiary of Reliance Industries Limited, has signed a definitive agreement to invest in Caelux Corporation, headquartered in Pasadena, California, USA, engaged in the development of perovskite-based solar technologies. RNEL will invest $12 million to acquire a 20% stake in Caelux.
“This investment will accelerate product and technology development for Caelux, including construction of its pilot line in the US, to accelerate commercial development of its technology,” RIL said in a statement.
RNEL and Caelux have also entered into a strategic partnership agreement for technical collaboration and commercialization of Caelux’s technology.
Caelux’s proprietary technology enables high-efficiency solar modules that can generate 20% more energy over the 25-year life of a solar project at significantly lower installed costs, RIL said.
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, it added.
Mukesh D. Ambani, Chairman and Managing Director, RIL, said, “Caelux’s investment is backed by world-class talent, and is in line with our strategy to build the most advanced green energy generation ecosystem built on the pillars of technological innovation. Strategic Partnership.”
“We believe Caelux’s proprietary perovskite-based solar technology provides us with access to the next step in innovation in crystalline solar modules. We will work with Caelux’s team to accelerate its product development and commercialization of its technology,” he added.
Scott Graybeal, CEO of Caelux Corporation, said, “By partnering with Reliance, we will accelerate our efforts to build our manufacturing capabilities to create 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.
The transaction is expected to be completed by the end of September 2022.