Reliance Industries Ltd bought a 20% share in Caelux, a solar technology company located in California, for USD 12 million to boost its new energy production capabilities. Reliance New Energy Ltd, a wholly-owned subsidiary of the corporation, inked formal agreements to invest in Caelux Corporation, a company located in Pasadena, California, that focuses on developing perovskite-based solar technology, according to a statement.
At its new facility in Jamnagar, Gujarat, where an interconnected photovoltaic facility is being constructed, the alliance is anticipated to enable Reliance to create solar modules with improved efficiency and lower costs.
It will also enable Caelux to commercialize its perovskite-based solar technology, which allows solar modules to generate 20% more energy throughout the project's 25-year lifespan.
Reliance’s New Energy Stack
Reliance has been constructing its new energy stack via agreements with many international companies, including Ambri in the United States, Faradion in the United Kingdom, and Lithium Werks in the Netherlands. It recently purchased a 79.4% ownership in SenseHawk, a solar digitization SaaS platform that assists clients in developing, constructing, and operating solar and other infrastructure installations.
Maxwell Technology has also agreed to acquire eight high-efficiency manufacturing lines for heterojunction cells (HJT), each with a 600 MW capacity, to produce 4,8 GW of HJT cells annually. Reliance has bought REC Solar Holdings, an HJT module maker.
"This investment will accelerate Caelux's product and technology development, including the installation of its pilot line in the United States, to expedite the commercialization of its technology," according to the release.
Additionally, RNEL and Caelux have formed a strategic relationship for technical cooperation and commercialization of Caelux's technology.
Caelux is an industry leader in perovskite-based solar technology research and development. Its patented technology allows high-efficiency solar modules to provide 20% more energy throughout a solar project's 25-year lifespan at a much lower installation cost.
Reliance is constructing an integrated photovoltaic Giga plant globally in Jamnagar, Gujarat.
"Through this investment and partnership, Reliance will be able to develop solar modules that are more efficient and less expensive," the company claimed.
More About The Reliance & Caelux Partnership
Reliance Chairman and Managing Director Mukesh D. Ambani stated that the investment in Caelux lines up with the company's strategy to build the most innovative green energy manufacturing ecosystem, supported by world-class talent and founded on the pillars of technical advancement achieved through strategic partnerships.
"We feel that Caelux's patented solar technology based on perovskite gives us access to the next level of innovation in crystalline solar modules. We will collaborate with the Caelux team to expedite the development and commercialization of its products and technologies, "he stated.
Caelux's CEO, Scott Graybeal, said that the relationship with Reliance would expedite the company's efforts to expand its production capabilities and manufacture solutions that make crystalline solar modules more efficient and affordable.
The acquisition will not need regulatory clearance and is anticipated to close by the end of September 2022, pending the fulfillment of any conditions precedent.
Featured image: Reliance
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