Quick News Bit

RIL subsidiary to buy 20% stake in US-based solar tech company Caelux

0
on Friday announced that its subsidiary Reliance New Energy Limited (RNEL) has signed definitive agreements to pick 20% stake for $12 million in Caelux Corporation, a US-based technology company working on perovskite-based solar technology.

“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,” RIL chairman Mukesh Ambani said in a statement.

He said Caelux’s proprietary perovskite-based solar technology provides 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,” he said.

is setting up a global-scale integrated photovoltaic Giga factory at Jamnagar, Gujarat. Through this investment and collaboration, the company said it will be able to produce more powerful and lower-cost solar modules leveraging Caelux’s products.

“This investment will accelerate product and technology development for Caelux, including 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,”

said.

Caelux’s proprietary 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.

“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,” Caelux CEO Scott Graybeal said.

The transaction will not require any regulatory approval and is expected to be completed by end of September 2022, RIL said.

For all the latest Business News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave a comment