‘ clean energy subsidiary has signed an agreement to acquire a 20% stake in California-based Caelux Corporation, an industry leader in research and development of perovskite-based solar technology, for ₹97.31 crore ($12 million).
New Energy (RNEL) and Caelux have also entered into a strategic partnership agreement for technical collaboration and commercialisation of the latter’s proprietary technology, RNEL said on Friday.
New Energy (RNEL) and Caelux have also entered into a strategic partnership agreement for technical collaboration and commercialisation of the latter’s proprietary technology, RNEL said on Friday.
Caelux’s perovskite-based technology enables high efficiency solar modules that can produce 20% more energy over the 25-year lifetime of a solar project at significantly lower installed cost, RNEL said in a statement.
“This investment will accelerate product and technology development for Caelux, including construction of its pilot line in the US, for expediting the commercial development of its technology,” it said.
Mukesh Ambani, chairman of Reliance Industries (
), said Caelux’s perovskite-based solar technology provides RNEL with access to the next leg of innovation in crystalline solar modules.
“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,” Ambani said. “We will work along with the team at Caelux to accelerate its product development and commercialisation of its technology.”
The investment and collaboration will help RENL produce more powerful and lower-cost solar modules, leveraging Caelux’s products.
Scott Graybeal, CEO of Caelux Corporation, said, “Through the partnership with Reliance, we will accelerate our efforts to build our manufacturing capabilities to produce products that make crystalline solar modules more efficient and cost effective.”
RIL’s scrip closed at ‘2,439.75, down 1.86% on the BSE on Thursday when benchmark BSE Sensex fell 1.73%.
Reliance Industries is setting up a global scale integrated photovoltaic giga factory in Jamnagar, Gujarat.
Earlier this month, RIL had acquired a 79.4% stake in SenseHawk Inc – an early-stage California-based developer of software-based management tools for the solar energy generation industry – by purchasing new and secondary shares in the US-based startup for ₹255 crore ($32 million).
Established in 2018, SenseHawk helps solar companies streamline processes and use automation, accelerating their projects from planning to production. It provides a solar digital platform to manage the end-to-end solar asset lifecycle.
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