Reliance Industries Ltd. announced on Friday that it had acquired a 20% stake in a California-based solar technology company Caelux for $12 million as it builds new power generation capabilities. Addiction New Energy Ltd, a wholly owned subsidiary of the company, has signed definitive agreements to invest in Caelux Corporation, a Pasadena, Calif.-based company engaged in the development of perovskite-based solar technology, it said. she said in a statement.
The partnership is expected to help Reliance produce higher-efficiency, lower-cost solar modules at its gigafactory in Jamnagar, Gujarat, where an integrated photovoltaic power plant is being installed.
It will also allow Caelux to commercialize its perovskite-based solar technology, which has enabled the solar modules to produce 20% more energy over a 25-year lifespan of the solar project.
Reliance has built its new energy stack with partnerships with several global players, including Ambri in the US, Faradion in the UK and Lithium plants in the Nederlands. It recently acquired a 79.4% stake in SenseHawka SaaS solar scanning platform that helps customers develop, build and operate solar and other infrastructure sites.
He also signed with Maxwell Technology to purchase eight sets of high-efficiency heterojunction cell (HJT) production lines, each with a capacity of 600 MW, to manufacture an annual capacity of 4.8 GW of HJT cells. Acquired addiction REC Solar Holdingsa manufacturer of HJT technology modules.
“This investment will accelerate product and technology development for Caelux, including the construction of its pilot line in the United States, to accelerate the commercial development of its technology,” the statement said.
RNEL and Caelux have also entered into a strategic partnership for technical collaboration and commercialization of Caelux technology.
Caelux is an industry leader in the research and development of perovskite-based solar technology. Its proprietary technology enables high-efficiency solar modules that can produce 20% more energy over the 25-year life of a solar project at a significantly lower installed cost.
Reliance Implements Globally Integrated Photovoltaic System Giga factory in Jamnagar, Gujarat.
“Through this investment and collaboration, Reliance will be able to produce more powerful and lower cost solar modules by leveraging Caelux’s products,” he said.
Speaking of this investment, Mukesh D AmbaniChairman and CEO of Reliance, said the investment in Caelux aligns with the company’s 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.
“We believe that Caelux’s proprietary perovskite-based solar technology gives us access to the next stage of innovation in crystalline solar modules. We will work with the Caelux team to accelerate its product development and the commercialization of its technology,” he said.
Scott GraybealCEO of Caelux, said that through the partnership with Reliance, the company will accelerate its efforts to expand its manufacturing capabilities to produce products that make crystalline solar modules more efficient and cost-effective.
The transaction will not require regulatory approval and is expected to close by the end of September 2022, subject to satisfaction of any conditions precedent.