New Delhi: Mukesh Ambani-led Reliance New Energy Ltd (RNEL) will invest $12 million in California-based solar tech firm Caelux to acquire 20 per cent stake.
In a statement on Friday, the company said that it has signed definitive agreements to make the investment.
RNEL, a wholly-owned subsidiary of Reliance Industries Ltd (RIL), said that the 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," the statement said.
Caelux is engaged in the development of perovskite-based solar technology. The RNEL media statement said that Caelux is an industry leader in the research and development of perovskite-based solar technology. It further said that the firm's proprietary technology enables high efficiency solar modules that can produce 20 per cent more energy over the 25-year lifetime of a solar project at significantly lower installed cost.
Reliance is setting up a global scale integrated photovoltaic Giga factory at Jamnagar, Gujarat. Through this investment and collaboration, Reliance will therefore be able to produce more powerful and lower cost solar modules leveraging Caelux’s products.
Speaking about the investment, RIL Chairman and Managing Director Mukesh D. Ambani said that the investment in Caelux aligns with the group's 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," he said.
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." (UNI)