Reliance New Energy Will Buy Stake In American Solar Power Company Caelux

Reliance New Energy, a wholly owned subsidiary of Reliance Industries, has signed agreements to invest in Caelux Corporation, a US-based perovskite-based solar technology company. Caelux works in the research and development of perovskite-based solar technology. The ownership of this company is to describe the company as competent in the field of technology related to high-efficiency solar modules. This technology can help produce 20 percent more energy over a 25-year lifetime of a solar project at a much 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 and lower-cost solar modules leveraging Caelux’s products.

Reliance New Energy will invest $12 million to acquire a 20 percent stake in the US-based company. Caelux is headquartered in Pasadena, California, USA. Reliance Industries said in a statement issued on Friday that the transaction will not require any regulatory approval and is expected to be completed by the end of September 2022.

This investment will accelerate product and technology development for Caelux, including the construction of its pilot line in the United States, for expediting the commercial development of its technology. RNEL and Caelux have also entered into a strategic partnership agreement for technical collaboration and commercialization of Caelux's technology.