Reliance New Energy Limited (RNEL), a wholly owned subsidiary of Reliance Industries (RIL), has signed definitive agreements to invest in Caelux Corporation, a California based company engaged in the development of perovskite-based solar technology.
RNEL will invest USD12 million to acquire 20 per cent stake in Caelux Corporation. 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 commercialisation of Caelux’s technology. Reliance is setting up a global scale integrated photovoltaic giga factory at Jamnagar, Gujarat. Through this investment and collaboration, Reliance will be able to produce more powerful and lower cost solar modules leveraging Caelux’s products. The transaction will not require any regulatory approval and is expected to be completed by end of September 2022, subject to satisfaction of any condition’s precedent.