Reliance New Energy Limited to invest in Caelux Corporation

Caelux Corporation is a technology company working on perovskite based solar technology.

Caelux Corporation is a technology company working on perovskite based solar technology. Perovskite is a calcium titanium oxide mineral composed of calcium titanate. Perovskite is a semiconductor, which is used to transport the electric charge whenever the light hits the material. In the United Kingdom, Oxford University physicists have found that the perovskite has been used as the replacement for thin-film solar cells. This new investment to further strengthen Reliance’s leadership in advanced solar cell technology.

Reliance New Energy Limited (“RNEL”), a wholly owned subsidiary of Reliance Industries Ltd (“Reliance”), has today signed definitive agreements to invest in Caelux Corporation (“Caelux”), a company headquartered in Pasadena, California, in the United States of America, engaged in the development of perovskite-based solar technology. RNEL will invest USD 12 million to acquire 20 per cent stake in Caelux. Caelux is an industry leader in the research and development of perovskite-based solar technology. Its proprietary technology enables high efficiency solar modules that can produce 20 per cent more energy over the 25-year lifetime of a solar project at significantly lower installed cost. 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.

Speaking about this investment, Mr. Mukesh D. Ambani, Chairman, Reliance Industries Limited, said, “The investment in Caelux aligns with our strategy to create the most advanced green energy manufacturing ecosystem, backed by world class talent, and built on the pillars of technological innovation achieved through strategic partnerships. We believe Caelux’s proprietary perovskite based solar technology provides us with access to next leg of innovation in crystalline solar modules. We will work along with team at Caelux to accelerate its product development and commercialization of its technology.”