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Reliance New Energy to acquire 20% stake in Caelux Corporation

RNEL will spend USD 12 million in Caelux to acquire a 20% interest.

September 23, 2022 9:27 IST | India Infoline News Service
Reliance New Energy Limited, a wholly owned subsidiary of Reliance Industries Ltd., said today that it has signed definitive agreements to invest in Caelux Corporation, a business based in Pasadena, California, that is developing perovskite-based solar technology.

RNEL will spend USD 12 million in Caelux to acquire a 20% interest.

This investment will help Caelux speed product and technology development, including the establishment of a pilot line in the United States to expedite the commercialization of its technology.

In addition, RNEL and Caelux have signed a strategic cooperation agreement for technical collaboration and commercialization of Caelux's technology.

Caelux is a market leader in perovskite-based solar technology research and development. Its unique technology enables high-efficiency solar modules to provide 20% more energy throughout a solar project's 25-year lifetime at a much lower installed cost.

In Jamnagar, Gujarat, Reliance is constructing a global-scale integrated photovoltaic Giga plant. Reliance will be able to develop more powerful and lower-cost solar modules by using Caelux's products as a result of this investment and partnership.

The transaction will not require regulatory clearance and is scheduled to close by the end of September 2022, subject to the fulfillment of any precedent conditions.

At around 9.30 AM, Reliance Industries was trading at Rs2,474.35 per piece, down by 0.46% from its previous closing of Rs2,485.90 on the BSE. The scrip opened at Rs2,485.50 and touched intraday high and low of Rs2,495.05 and Rs2,473.50 respectively.

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