Reliance Industries NSE -1.39 % on Friday announced that its subsidiary Reliance New Energy Limited (RNEL) has signed definitive agreements to pick 20% stake for $12 million in Caelux Corporation, a US-based technology company working on perovskite-based solar technology.
“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,” RIL chairman Mukesh Ambani said in a statement.
He said Caelux’s proprietary perovskite-based solar technology provides access to the next leg of innovation in crystalline solar modules. “We will work along with the team at Caelux to accelerate its product development and commercialization of its technology,” he said.
