Reliance New Energy Ltd. (RNEL), a wholly owned subsidiary of Reliance Industries, has agreed to invest in Caelux Corp., a Pasadena, Calif.-based company engaged in the development of perovskite-based solar technology.
RNEL will invest $12 million to acquire a 20 percent stake in Caelux.
This investment will accelerate product and technology development for Caelux, including construction of its pilot line in the United States, for expediting the commercial development of its technology. RNEL and Caelux also have entered into a strategic partnership agreement for technical collaboration and commercialization of Caelux's 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 percent more energy over the 25-year lifetime of a solar project at significantly lower installed cost.
Reliance is setting up a global-scale inte