Reliance New Energy invests in US perovskite solar startup Caelux

From pv magazine India

Reliance New Energy, a unit of Reliance Industries, has signed definitive agreements to acquire a 20% stake in California-based perovskite solar startup Caelux for $12 million.

Caelux, founded in 2014, is engaged in the research and development of perovskite-on-glass technology that improves the relative performance of new crystalline silicon modules. The company claims its technology can enable high-efficiency solar modules that can produce 20% more energy over the 25-year lifetime of a solar project at significantly lower installed cost.

Reliance investment will accelerate Caelux product and technology development, construction of its pilot line in the United States, and expedite commercialization. 

RNEL and Caelux have also agreed to technical collaboration and commercialization of Caelux’ technology. Their commercialization roadmap consists of developing production sites across the United States, Asia, and Latin America.

Reliance is setting up a global-scale integrated photovoltaic gigafactory in Jamnagar, Gujarat. Through this investment and collaboration, Reliance will be able to produce more powerful and lower-cost solar modules leveraging Caelux’ products.

The transaction does not require any regulatory approvals and is expected to be completed by the end of September.