Reliance buys 20 percent share in solar tech company Caelux for USD 12 million
Reliance Industries Ltd on Friday said it has acquired a 20 per cent stake in California-based solar tech firm Caelux for USD 12 million as it strengthens its new energy manufacturing capabilities. Reliance New Energy Ltd, a wholly-owned subsidiary of the firm, signed definitive agreements to invest in Caelux Corporation, a Pasadena, California-headquartered company engaged in the development of perovskite-based solar technology, it said in a statement.
The partnership is expected to help Reliance produce higher efficiency and low-cost solar modules at its gigafactory in Jamnagar, Gujarat, where an integrated photovoltaic plant is being set up.
It will also allow Caelux to commercialise its perovskite-based solar technology, which enabled solar modules to produce 20 per cent more energy over a 25-year lifetime of the solar project.
