Reliance New Energy to invest in Caelux Corporation

Reliance New Energy (“RNEL”), a wholly owned subsidiary of Reliance Industries (“Reliance”), today signed definitive agreements to invest in Caelux Corporation (“Caelux”), a company headquartered in Pasadena, California, in the United States. States of America, involved in the development of perovskite-based solar technology. RNEL will invest $12 million to acquire a 20% stake in Caelux.

This investment will accelerate product and technology development for Caelux, including the construction of its pilot line in the United States, to accelerate the commercial development of its technology. RNEL and Caelux have also entered into a strategic collaboration agreement for technical collaboration and commercialization of Caelux's technology.

Caelux is engaged in research and development of perovskite-based solar technology. The patented technology enables high-efficiency solar modules that can produce 20% more energy over the 25-year life of a solar project at significantly lower installation costs.

Reliance establishes a global Giga integrated photovoltaic plant in Jamnagar, Gujarat. Through this investment and collaboration, Reliance will be able to produce more powerful and cheaper solar panels using Caelux products.

Speaking of this investment, Mukesh D. Ambani, President and CEO of Reliance Industries, said: “The investment in Caelux fits into our strategy to create the most advanced green energy production ecosystem, supported by world-class talent and built on the pillars of technological innovation achieved through strategic partnerships. Caelux's perovskite-based solar technology gives us access to the next stage of innovation in crystalline solar modules. We will work with the team at Caelux to accelerate product development and commercialization of its technology.”

Vinod Khosla, Khosla Ventures, said: “Caelux's 'perovskite on glass' architecture is the innovation needed by the solar industry to significantly reduce costs and accelerate renewable energy penetration.”

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