Reliance New Energy Ltd (RNEL), a wholly owned subsidiary of Reliance Industries Ltd has signed definitive agreements to invest in Caelux Corporation, a company headquartered in Pasadena, California, in the U.S. engaged in the development of perovskite-based solar technology. RNEL will invest $12 million to acquire a 20% stake in Caelux.
“This investment will accelerate product and technology development for Caelux, including the construction of its pilot line in the U.S., for expediting the 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 produce 20% more energy over the 25-year lifetime of a solar project at significantly lower installed cost, RIL said.
Reliance is setting up a global-scale integrated photovoltaic Giga factory at Jamnagar, Gujarat. Through this investment and collaboration, Reliance will be able to produce more powerful and lower-cost solar modules leveraging Caelux’s products, it added.
Mukesh D. Ambani, Chairman and Managing Director, RIL, said, “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. We will work along with the team at Caelux to accelerate its product development and commercialization of its technology,” he added.
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.”
The transaction is expected to be completed by end of September 2022.