Reliance subsidiary to acquire 20% stake in solar-tech company Caelux Corp

A deal to invest in Caelux Corporation ("Caelux"), a US firm with its headquarters in Pasadena, California, has been signed by Reliance New Energy Limited (RNEL). Caelux is working to develop perovskite-based solar technology. According to a press release, the corporation would spend USD 12 million to buy a 20% interest in Caelux.

Caelux's product and technology development will be accelerated by this investment, which also includes the building of a pilot line for the company's technology in the United States. A strategic partnership agreement for technical cooperation and the commercialization of Caelux's technology has also been signed by the two businesses.

The investment in Caelux, according to Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited, is in line with the company's plan to establish the most cutting-edge green energy manufacturing ecosystem, supported by top talent, and based on the pillars of technological innovation attained through strategic alliances.

"We think Caelux's exclusive perovskite-based solar technology gives us access to the subsequent wave of innovation in crystalline solar modules. To hasten the development of Caelux's products and the sale of its technology, we will collaborate with the team there, Ambani continued.

The partnership will expedite Caelux's efforts to expand its manufacturing capabilities in order to produce products that make crystalline solar modules more efficient and cost-effective, according to Scott Graybeal, CEO of Caelux Corporation, who applauded the agreement of Reliance's stake in Caelux.

Caelux is appreciative of Khosla Ventures' support of the business over the years and happy to have Reliance as a key investor as we enter the next stage of our development, according to Graybeal.