Reliance New Energy to buy 20% stake in US-based Caelux for $12 million – Moneycontrol

RIL chairman and managing director Mukesh Ambani.

RIL chairman and managing director Mukesh Ambani.

Reliance New Energy, a wholly-owned subsidiary of Reliance Industries, on September 23 announced investment of $12 million into US-based Caelux to acquire 20 percent stake.

Reliance New Energy (RNEL) and Caelux have also entered into a strategic partnership agreement for technical collaboration and commercialisation of latter’s technology, Reliance 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, Reliance Industries.

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, the company filing said.

Caelux is a spin out from the California Institute of Technology and was incorporated on May 14, 2014. Its commercialization roadmap consists of developing production sites across the US, Asia and Latin America.

Caelux’s technology 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.

Earlier this month, Reliance also acquired 79.4 percent stake in SenseHawk, another California-based solar energy management software developer, for $32 million (Rs 255 crore) via primary and secondary purchases.

Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries (RIL) is the sole beneficiary.

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