Reliance New Energy to invest $12 million in U.S. solar tech firm Caelux Corp

RNEL will acquire 20% stake in Caelux

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.”