Reliance New Energy, a wholly-owned subsidiary of Reliance Industries, announced on September 23 that it would invest $12 million in US-based Caelux for a 20% stake.

Reliance New Energy (RNEL) and Caelux have also entered into a strategic cooperation agreement for technical cooperation and commercialisation of the latter’s technology, Reliance said in an exchange document. Caelux is involved in the development of perovskite-based solar technology.

“The investment in Caelux aligns with our strategy to create a state-of-the-art green energy manufacturing ecosystem. We believe that Caelux’s proprietary perovskite-based solar technology provides us with the next stage of innovation in crystalline solar modules,” Director Reliance Industries chairman and managing director Mukesh Ambani said.

Reliance is building a global-scale integrated PV gigafactory in Jamnagar, Gujarat. Reliance can produce more powerful and lower-cost solar modules through this investment and partnership using Caelux’s products.
The company filing said the transaction does not require regulatory approvals and is expected to close in September 2022, provided any pre-conditions are met.

Caelux, a spin-out company of Caltech, launched on May 14, 2014. Its commercialisation roadmap includes developing production sites in the US, Asia and Latin America. Caelux’s technology does not require rare earth minerals but instead uses abundant, low-cost precursors, low-temperature production methods and off-the-shelf equipment in its localised manufacturing process.

“Through our partnership with Reliance, we will accelerate efforts to build our manufacturing capabilities to produce products that make crystalline solar modules more efficient and cost-effective. We look forward to supporting Reliance’s global expansion plans and product roadmap while supporting Reliance’s Global expansion plans and product roadmap. Demonstrating the future of solar energy at scale,” said Scott Graybeal, CEO of Caelux Corporation.

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Earlier this month, Reliance bought a 79.4% stake in SenseHawk, another California-based solar energy management software developer, for $32 million (Rs 255 crore) through primary and secondary purchases.