Reliance accelerates renewable energy push with $12mn investment in American solar tech firm

Its proprietary technology enables high-efficiency solar modules that can produce 20 percent more energy over the 25-year lifetime of a solar project at a significantly lower installed cost.

FPJ Web DeskUpdated: Friday, September 23, 2022, 07:09 PM IST
article-image

Reliance New Energy Ltd. (RNEL), a wholly owned subsidiary of Reliance Industries Ltd., has signed agreements to invest in Caelux Corporation, a U.S company headquartered in Pasadena, California. Reliance plans to invest USD 12 million to acquire a 20 percent stake in the US-based perovskite-based solar tech firm.

Caelux is in the research and development of perovskite-based solar technology. Its proprietary technology enables high-efficiency solar modules that can produce 20 percent more energy over the 25-year lifetime of a solar project at a significantly lower installed cost.

Through this investment and collaboration, Reliance will be able to produce more powerful and lower-cost solar modules by leveraging Caelux's products, as the former is setting up a global-scale integrated photovoltaic Giga factory at Jamnagar in Gujarat.

The company, in a statement, mentioned that the investment is expected to accelerate product and technology development for Caelux, including the construction of its pilot line in the US, to expedite the commercial development of its technology.

"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," said Mukesh D. Ambani, Chairman, and MD, Reliance Industries.

Both companies have also entered into a strategic partnership agreement for technical collaboration and commercialization 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," said Scott Graybeal, CEO of Caelux Corporation.

"We believe Caelux's proprietary perovskite-based solar technology provides us with access to the next leg of innovation in crystalline solar modules. We will work along with the team at Caelux to accelerate its product development and commercialization of its technology," Mukesh D. Ambani added.

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

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Centre notifies establishment of 'Credit Guarantee Scheme for Startups'

Centre notifies establishment of 'Credit Guarantee Scheme for Startups'

Sensex falls marginally to close 31 pts lower, rupee hits another record low

Sensex falls marginally to close 31 pts lower, rupee hits another record low

Ola, Uber rickshaws banned from Bengaluru roads after complaints about overcharging

Ola, Uber rickshaws banned from Bengaluru roads after complaints about overcharging

Ashok Gehlot invites Adani at Invest Rajasthan Summit, BJP calls it sign of revolt within Congress

Ashok Gehlot invites Adani at Invest Rajasthan Summit, BJP calls it sign of revolt within Congress

Xiaomi isn’t leaving India for Pakistan, denies reports about moving after action by authorities

Xiaomi isn’t leaving India for Pakistan, denies reports about moving after action by authorities