Reliance New Energy Limited (RNEL), a wholly-owned subsidiary of Mukesh Ambani’s oil-to-telecom conglomerate Reliance Industries Ltd. (RIL), will invest $12 million to acquire a 20% stake in solar technology developer Caelux Corp.
In an exchange filing on Friday, RIL said it has signed definitive agreements to invest in Caelux Corp., which is headquartered in Pasadena, California, in the US. Caelux in involved in the research and development of perovskite-based solar technology. Its 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.
“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,” it said.
RNEL and Caelux have also entered into a strategic partnership agreement for technical collaboration and commercialisation of Caelux’s technology.
RIL is setting up a global scale integrated photovoltaic Giga factory at Jamnagar, Gujarat. Through this investment and collaboration, the conglomerate will be able to produce more powerful and lower cost solar modules leveraging Caelux’s products.
Mukesh Ambani, chairman and managing director, RIL, 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 next leg of innovation in crystalline solar modules. We will work along with team at Caelux to accelerate its product development and commercialization of its technology.”
The transaction will not require any regulatory approval and is expected to be completed by end of September, subject to satisfaction of any condition’s precedent.
Scott Graybeal, CEO of Caelux Corporation, said, “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.”
Earlier this month, RIL said it has signed definitive agreements with SenseHawk Inc. to acquire a majority stake in the California-based solar software startup for $32 million.
