Reliance New Energy Invests $12 Million To Pick 20% Stake In US-Based Solar Tech Firm Caelux

With Reliance setting up a global-scale integrated photovoltaic Giga factory at Jamnagar, the collaboration will help it produce more powerful and lower-cost solar modules leveraging Caelux’s products

Reliance New Energy Limited, a wholly-owned subsidiary of RIL, has signed definitive agreements to acquire the stake in Pasadena headquartered company in California. ( Image Source :Getty )

Reliance Industries Ltd (RIL) subsidiary will acquire 20 per cent stake for $12 million in US-based firm Caelux Corporation engaged in the development of perovskite-based solar technology. Reliance New Energy Limited (RNEL), the wholly-owned subsidiary of Reliance Industries Ltd (RIL), has signed definitive agreements to acquire the stake in Pasadena headquartered company in California, reported news agency ANI.

How will the acquisition help RNEL?

With Reliance setting up a global-scale integrated photovoltaic Giga factory at Jamnagar, Gujarat, the collaboration will help it produce more powerful and lower-cost solar modules leveraging Caelux’s products.

The US-based company is into research and development of perovskite-based solar technology. Its proprietary technology enables high-efficiency solar modules that can produce 20 per cent more energy over the 25-year lifetime of a solar project at significantly lower installed cost.

The investment will also accelerate product and technology development for Caelux, including the construction of its pilot line in the United States and expediting the commercial development of its technology, RIL said in the BSE filing. The companies have entered into a strategic partnership agreement for technical collaboration and commercialization of Caelux’s technology.

 “The investment in Caelux aligns with our strategy to create the most advanced green energy manufacturing ecosystem, backed by world-class talent, and built on the pillars of technological innovation achieved through strategic partnerships. We believe Caelux’s proprietary perovskite-based solar technology provides us with access to the next leg of innovation in crystalline solar modules,” said Mukesh Ambani, chairman and managing director, Reliance Industries Ltd.,

Scott Graybeal, CEO of Caelux Corporation, said, “Through the partnership with Reliance, we will accelerate our efforts to build out our manufacturing capabilities to produce products that make crystalline solar modules more efficient and cost effective. We look forward to demonstrating the future of solar power at a scale as we support Reliance’s global expansion plans and product roadmap.”