Reliance
Reliance New Energy Limited to invest in Caelux Corporation
Mumbai: Reliance New Energy Limited, a wholly owned subsidiary of Reliance Industries Ltd, on Friday signed definitive agreements to invest in Caelux Corporation, 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% stake in Caelux.
This investment will accelerate product and technology development for Caelux, includingconstruction of its pilot line in the United States, for expediting the commercial development ofits technology. RNEL and Caelux have also entered into a strategic partnership agreement fortechnical collaboration and commercialization of Caelux’s technology.
Caelux is an industry leader in the research and development of perovskite-based solartechnology. Its proprietary technology enables high efficiency solar modules that can produce20% 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 andlower cost solar modules leveraging Caelux’s products.
Speaking about this investment, Mukesh D. Ambani, Chairman and ManagingDirector, Reliance Industries Limited, said, “The investment in Caelux aligns with our strategyto create the most advanced green energy manufacturing ecosystem, backed by world classtalent, and built on the pillars of technological innovation achieved through strategicpartnerships. We believe Caelux’s proprietary perovskite based solar technology provides uswith access to next leg of innovation in crystalline solar modules. We will work along with teamat Caelux to accelerate its product development and commercialization of its technology.”
Scott Graybeal, CEO of Caelux Corporation, said, “Caelux is proud to have Reliance asa lead investor as we move to the next phase of our development and are grateful for KhoslaVentures’ support of the company over the years. Through the partnership with Reliance, wewill accelerate our efforts to build out our manufacturing capabilities to produce products thatmake crystalline solar modules more efficient and cost effective. We look forward todemonstrating the future of solar power at a scale as we support Reliance’s global expansionplans and product roadmap.”
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