Reliance New Energy Limited (RNEL) has signed agreement to invest in Caelux Corporation (“Caelux”), a company headquartered in Pasadena, California, in the USA which is engaged in the development of perovskite-based solar technology.
The company will invest USD 12 million to acquire 20% stake in Caelux, according to a media release.
This investment will accelerate product and technology development for Caelux, including construction of its pilot line in the United States, for expediting the commercial development of its technology.
Both companies have also entered into a strategic partnership agreement for technical collaboration and commercialization of Caelux’s technology.
Speaking about this investment, MukeshAmbani, Chairman and Managing Director, Reliance Industries Limited said that the investment in Caelux aligns with the 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,” Ambani added.
Scott Graybeal, CEO of Caelux Corporation hailed this agreement of Reliance’s stake in Caelux and said that the partnership will accelerate its efforts to build out manufacturing capabilities to produce products that make crystalline solar modules more efficient and cost effective.
“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,” Graybeal states.
He further added, “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 release stated that this investment 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.