Mumbai: Barely a month after acquiring 79.4% stake in SenseHawk, California-based solar energy management software firm, the Reliance New Energy Solar Limited (RNESL) on Friday announced investment of $12 million in Caelux, another US-based company, to acquire 20% stake in it.
RNESL, the wholly owned subsidiary of Reliance Industries Limited (RIL), has entered into agreement with Caelux to have strategic partnership for technical collaboration and commercialisation of latter’s technology, the company said in an exchange filing.
Caelux is involved in development of perovskite-based solar technology. “The investment in Caelux aligns with our strategy to create the most advanced green energy manufacturing ecosystem. We believe Caelux’s proprietary perovskite based solar technology provides us with access to next leg of innovation in crystalline solar modules,” said Mukesh Ambani, chairman and managing director, RIL.
The RNESL is setting up a global scale integrated photovoltaic Giga factory at Jamnagar, Gujarat. The new deal will help the company produce more powerful and low cost solar modules leveraging Caelux’s products.
In the statement, RNESL said that the transaction will not require any regulatory approval and is expected to be completed by end of September 2022. Caelux is a spin out from the California Institute of Technology (CIT) and was incorporated on May 14, 2014. Its commercialization roadmap consists of developing production sites across the US, Asia and Latin America.
Acquisition of Caelux is important for the RNESL’s capacity expansion plan, at the technology adopted by the California-based firm does not require any rare earth minerals but rather uses abundant, low-cost precursors, low temperature production methods and readily available equipment in its localized manufacturing process.
“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. We look forward to demonstrating the future of solar power at a scale as we support Reliance’s global expansion plans and product roadmap,” said Scott Graybeal, CEO of Caelux Corporation.