Reliance New Energy has signed definitive agreements to invest in Pasadena-based solar tech firm Caelux Corporation. The company will invest $12 million to acquire a 20 per cent stake in Caelux, said RNEL in a BSE filing. Caelux is engaged in the development of perovskite-based solar technology. Its proprietary technology enables high efficiency solar modules to produce 20 per cent more energy over the 25-year lifetime of a solar project at lower costs.
This investment will help Caelux further its product and technology development, as well as the construction of its pilot line in the US in order to expedite the commercial development of its technology.
The companies have also entered into a strategic partnership for technical collaboration and commercialisation of Caelux’s technology.
The transaction will not require any regulatory approval and is expected to be completed by the end of September, RNEL said.
This investment comes as Reliance is setting up a global integrated photovoltaic giga factory at Jamnagar, Gujarat. Through this collaboration, Reliance will be able to produce more powerful yet lower cost solar modules, it added.
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.”
CEO of Caelux Corporation Scott Graybeal said that the partnership with Reliance will accelerate their efforts to build their manufacturing capabilities to produce products that make crystalline solar modules more efficient and cost effective. The company was incorporated in 2014.
Vinod Khosla from Khosla Ventures said that Caelux’s ‘perovskite on glass’ architecture is the innovation the solar industry needs to significantly reduce costs and accelerate renewables penetration.
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