Reliance New Energy Limited (RNEL), a wholly-owned subsidiary of Reliance Industries Ltd, has signed definitive agreements to invest in Caelux Corporation
Reliance New Energy Limited (RNEL), a wholly-owned subsidiary of Reliance Industries Ltd, has signed definitive agreements to invest in Caelux Corporation (Caelux), a company headquartered in Pasadena, California, in the United States of America, engaged in the development of perovskite-based solar technology. RNEL will invest USD 12 million to acquire 20 per cent stake in Caelux.
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Caelux is an industry leader in the 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.
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.
The transaction will not require any regulatory approval and is expected to be completed by end of September 2022, subject to satisfaction of any condition’s precedent, the company filing said.
Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited, 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 next leg of innovation in crystalline solar modules. We will work along with team at Caelux to accelerate its product development and commercialization of its technology.”
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The company said that this investment will accelerate product and technology development for Caelux, including the construction of its pilot line in the United States, for expediting 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 to the next phase of our development and are grateful for Khosla Ventures’ support of the company over the years. 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.”
