Reliance New Energy to buy 20% Stake in Caelux for USD 12 Million
Reliance New Energy Ltd. (RNEL), a subsidiary of Reliance Industries Ltd. (RIL), has signed agreements to acquire 20% stake worth USD 12 million in California-based Caelux Corporation, a company involved in solar module Research and Development. This information was conveyed by RIL in a press release dated 23rd September 2022.
This amount will be used by Caelux to develop its technology commercially, and towards the construction of its solar cell pilot line in the USA. RNEL and Caelux will collaborate for commercialisation of Caelux’s technology under a strategic partnership.
Caelux is involved in the development of perovskite-based solar technology. In a perovskite solar cell, a thin layer of perovskite mineral is placed on a silicon solar cell. This enables the solar cell to convert more wavelengths in the solar spectrum into energy. The use of such cells could result in 20% more energy generation by solar modules during their 25-year lifetime, as per the press release.