Reliance Industries Ltd said Friday it has acquired a 20 percent stake in California-based solar technology company Caelux for $12 million as it bolsters its new energy production capabilities.
Reliance New Energy Ltd, a wholly owned subsidiary of the company, has signed definitive agreements to invest in Caelux Corporation, a company headquartered in Pasadena, California that develops perovskite-based solar technology, it said in a statement.
The partnership is expected to help Reliance produce higher-efficiency, low-cost solar panels at its gigafactory in Jamnagar, Gujarat, where an integrated photovoltaic plant is being set up.
It will also enable Caelux to commercialize its perovskite-based solar technology, which has enabled solar modules to produce 20 percent more energy over a 25-year lifespan of the solar project.
Reliance has built its new energy stack in collaboration with several global players, including Ambri in the US, Faradion in the UK and Lithium Werks in the Netherlands. It recently acquired a 79.4 percent stake in SenseHawk, a SaaS solar digitization platform that helps customers develop, build and operate solar and other infrastructure sites.
It has also signed up with Maxwell Technology to purchase eight sets of high-efficiency heterojunction cell (HJT) production lines, each with a capacity of 600 MW, to produce an annual capacity of 4.8 GW of HJT cells. Reliance has acquired REC Solar Holdings, a module manufacturer of HJT technology.
“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,” the statement said.
RNEL and Caelux have also entered into a strategic partnership for technical collaboration and commercialization of Caelux’s technology.
Caelux is a market leader in the research and development of perovskite-based solar technology. The patented technology enables highly efficient solar modules that can produce 20 percent 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’s products,” it said.
Speaking of this investment, Mukesh D Ambani, President and CEO of Reliance, said the investment in Caelux is in line with the company’s strategy to create the most advanced green energy production ecosystem, backed by world-class talent. and built on the pillars of technological innovation achieved through strategic partnerships.
“We believe that Caelux’s patented 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,” he said.
Scott Graybeal, CEO of Caelux, said that through the partnership with Reliance, the company will accelerate its efforts to build out manufacturing capabilities to produce products that make crystalline solar panels more efficient and cost-effective.
The transaction does not require regulatory approval and is expected to close by the end of September 2022, subject to the satisfaction of a condition precedent. PTI ANZ HVA
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