Reliance New Energy buys 20% stake in solar tech firm in $12m deal

California-based Caelux Corp.’s solar modules can produce 20% more energy.

Reliance New Energy Limited (RNEL) has invested $12m to acquire 20% of California-based solar technology firm Caelux Corporation.

Caelux Corp. conducts research and development of perovskite-based solar technology that can produce 20% more energy over the 25-year lifetime of a solar project at a lower cost.

“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,” Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited, said.

“We believe Caelux’s proprietary perovskite based solar technology provides us with access to the next leg of innovation in crystalline solar modules.”

The investment is expected to accelerate the product and technology development for Caelux, including the construction of its pilot line in the US.

It also covers a strategic partnership agreement for technical collaboration and the commercialisation of Caelux’s technology.

“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,” Scott Graybeal, CEO of Caelux Corporation, said.

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