Reliance Industries to buy 20% stake in solar technology developer Caelux
Reliance Industries said that its fully-owned subsidiary Reliance New Energy Limited (RNEL) has agreed to acquire a stake of 20% in Caelux Corporation, a California-based developer of perovskite-based solar technology.
The consideration for the deal is $12 million.
According to Reliance Industries, its investment will help Caelux expedite product and technology development. This includes the construction of a pilot line in the US for accelerating the commercial development of the latter’s perovskite-based solar technology.
Mukesh D. Ambani – Reliance Industries Limited Chairman and Managing Director 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.”
Apart from the investment, Reliance New Energy Limited and Caelux have forged a partnership for technical collaboration and commercialization of the technology.
Caelux’ perovskite-based solar technology is said to enable high efficiency solar modules that can generate 20% more energy over the 25-year lifetime of a solar power project at considerably lesser installed cost.
Reliance Industries is working towards an integrated photovoltaic Giga factory at Jamnagar in Gujarat. Through the investment and collaboration with Caelux, the Indian conglomerate expects to produce solar modules that are more powerful and cost less by making use of the latter’s products.
Scott Graybeal – Caelux Corporation CEO 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.”