Reliance New Energy to acquire 20% stake in Caelux

Reliance Industries’ subsidiary Reliance New Energy (RNEL) has announced an investment of $12 million into US-based Caelux to acquire a 20 percent stake. Caelux is a research and development-oriented company in perovskite-based solar technology.

Caelux’s technology uses abundant, low-cost precursors, low temperature production methods and readily available equipment in its localized manufacturing process. RNEL and Caelux have also entered into a strategic partnership agreement for technical collaboration and commercialisation of Caelux’s technology.

Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited, 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 the next leg of innovation in crystalline solar modules. We will work along with the team at Caelux to accelerate its product development and commercialization of its technology.”

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.

Scott Graybeal, CEO of Caelux Corporation, 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. We look forward to demonstrating the future of solar power at a scale as we support Reliance’s global expansion plans and product roadmap.”