Reliance New Energy to acquire 20% stake in US-based Caelux for $12 mn

Caelux is a research and development-oriented company in perovskite-based solar technology. Its proprietary technology enables high-efficiency solar modules that can produce 20% more energy

Reliance New Energy Limited (RNEL) — the wholly-owned subsidiary of Reliance Industries Ltd (RIL) — signed definitive agreements to acquire 20 per cent stake for $12 million in Caelux Corporation, a company headquartered in Pasadena, California, USA, engaged in the development of perovskite-based solar technology. 

In a BSE filing, RIL said, that the investment will accelerate product and technology development for Caelux, including the construction of its pilot line in the United States, for expediting the commercial development of its technology. RNEL and Caelux have also entered into a strategic partnership agreement for technical collaboration and commercialization of Caelux’s technology.