Reliance New Energy Ltd (RNEL), an arm of Reliance Industries Ltd, has signed definitive agreements to acquire a 20% stake in California-based perovskite solar startup Caelux for $12 million.
Caelux, founded in 2014, is engaged in the research and development of perovskite-on-glass technology that improves the relative performance of new crystalline silicon modules. The company claims its technology can enable high-efficiency solar modules that can produce 20% more energy over the 25-year lifetime of a solar project at significantly lower installed cost.
Reliance investment will accelerate Caelux product and technology development, construction of its pilot line in the United States, and expedite commercialization.
RNEL and Caelux have also agreed to technical collaboration and commercialization of Caelux’ technology. Caelux’ commercialization roadmap consists of developing production sites across the US, Asia, and Latin America.
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’ products.
“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,” said Mukesh D. Ambani, chairman and managing director, Reliance Industries Ltd.
“We believe Caelux’ proprietary perovskite-based solar technology provides us with access to the next leg of innovation in crystalline solar modules. We will work with the team at Caelux to accelerate its product development and commercialization of its technology.”
The transaction will not require any regulatory approval and is expected to be completed by the end of September 2022.
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