Reliance New Energy Limited (RNEL), a wholly owned subsidiary of Reliance Industries Ltd, on Friday signed a definitive agreement to invest in California-based Caelux Corporation. RNEL will invest $12 million to acquire a 20% stake in Caelux.
“This investment will accelerate product and technology development for Caelux, including construction of its pilot line in the US, for expediting the commercial development of its technology,” RNEL said in a statement, adding that RNEL and Caelux have also entered into a strategic partnership agreement for technical collaboration and commercialisation of Caelux’s technology.
Caelux is an industry leader in the research and development of perovskite-based solar technology. Its proprietary technology enables high efficiency solar modules
