RIL unit to buy 20% in US solar tech firm Caelux
1 min read 23 Sep 2022, 10:27 AM ISTRIL is setting up a global scale integrated photovoltaic Giga factory at Jamnagar, Gujarat. Through this investment and collaboration, the conglomerate will be able to produce more powerful and lower cost solar modules leveraging Caelux’s products.
PremiumReliance New Energy Ltd will invest $12 million for a 20% stake in solar tech developer Caelux Corp.
In a regulatory filing on Friday, Reliance Industries Ltd (RIL) said its wholly-owned unit has signed definitive agreements with Pasadena, California-based Caelux, a developer of perovskite-based technology, which enables high efficiency solar modules to produce 20% more energy over a 25-year lifetime of a project at a significantly lower cost.
This investment will accelerate Caelux’s technology and product development, including the construction for pilot line in the US, and expedite the commercial development of the technology, RIL added.
Reliance and Caelux have also entered a strategic partnership for technical collaboration and commercialization of Caelux’s proprietory technology. RIL, which is setting up a global scale integrated photovoltaic Giga factory at Jamnagar, Gujarat, will be able to produce more powerful and lower cost solar modules leveraging Caelux’s products.
“The investment aligns with our strategy to create the most advanced green energy manufacturing ecosystem," Mukesh Ambani, chairman and managing director, RIL, said. “We believe Caelux’s proprietary perovskite-based solar technology provides us with access to the next leg of innovation in crystalline solar modules. We will work along with the team at Caelux to accelerate product development and commercialization of its technology."
"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!
