Reliance New Energy Limited, a wholly owned subsidiary of Reliance Industries Ltd, on Thursday (22 September) signed definitive agreements to invest in US-based firm Caelux Corporation.

Caelux is engaged in the development of perovskite-based solar technology.

RNEL will invest $12 million to acquire 20 per cent 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, RIL said in a statement on Friday (23 September).

RNEL and Caelux have also entered into a strategic partnership agreement for technical collaboration and commercialisation of Caelux’s technology.

Caelux is an industry leader in the research and development of perovskite-based solar technology, the statement said.

Its proprietary technology enables high efficiency solar modules that can produce 20 per cent more energy over the 25-year lifetime of a solar project at significantly lower installed cost, it added.

Reliance is setting up a global scale integrated photovoltaic Giga factory at Jamnagar, Gujarat.

"Through this investment and collaboration, Reliance will be able to produce more powerful and lower cost solar modules leveraging Caelux’s products," the statement said.

Speaking about this investment, RIL chairman and managing director Mukesh Ambani said,“The investment in Caelux aligns with our 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 Caelux’s proprietary perovskite based solar technology provides us with access to next leg of innovation in crystalline solar modules. We will work along with team at Caelux to accelerate its product development and commercialisation of its technology," he added.

Caelux CEO Scott Graybeal said, “Through the partnership with Reliance, we will accelerate our efforts to build out our manufacturing capabilities to produce products that make crystalline solar modules more efficient and cost effective. We look forward to demonstrating the future of solar power at a scale as we support Reliance’s global expansion plans and product roadmap".