Reliance buys 20 percent share in solar tech company Caelux for USD 12 million

Reliance is acquiring a 20 percent stake in solar technology company Caelux for $12 million

Reliance Industries Ltd on Friday announced that it had acquired a 20 percent stake in the California-based solar technology company Caelux for $12 million as it strengthens its new energy generation capabilities. trust New Energy Ltd, a wholly owned subsidiary of the company, signed definitive agreements to invest in Caelux Corporation, a Pasadena, California-based company engaged in the development of perovskite-based solar technology, it said in a statement.

The partnership aims to help Reliance produce more efficient and cost-effective solar panels at its Gigafactory in Jamnagar, Gujarat, where an integrated photovoltaic system will be built.

It will also allow Caelux to commercialize its perovskite-based solar technology, which has enabled solar panels to produce 20 percent more energy over a 25-year solar project lifetime.

also read

Reliance Jio Airtel Vi lost active users in July, impacted by the impact of more expensive wireless services
Telcos canamp39t rely on consumer business in 5G era COAIamp39s Kochhar

Reliance has built its new Energy Stack with partnerships with several global players including Ambri in the US, Faradion in the UK and lithium works in the Netherlands. It recently acquired a 79.4 percent stake SenseHawka solar digitization platform SaaS that supports customers in the development, construction and operation of solar and other infrastructure sites.

READ:  Shivamogga youth part of IS chat group, did experimental bomb blast say police

It also signed up Maxwell technology Purchased eight sets of high-efficiency heterojunction cell (HJT) production lines, each with a capacity of 600MW, to produce an annual capacity of 4.8GW of HJT cells. earned trust REC Solar Holdingsa module manufacturer of HJT technology.

“This investment will accelerate product and technology development for Caelux, including building its pilot line in the United States to accelerate commercial development of its technology,” the statement said.

READ:  Enabled Intelligence, Inc. to invest $1.4 million, create 117 new jobs in Fairfax County – Royal Examiner

RNEL and Caelux have also entered into a strategic partnership 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 panels that can generate 20 percent more energy over the 25-year lifetime of a solar project at significantly lower installation costs.

Reliance is building a globally integrated photovoltaics giga Factory in Jamnagar, Gujarat.

“Through this investment and collaboration, Reliance will be able to produce higher-performing and more cost-effective solar modules that leverage Caelux’s products,” it said.

Speaking of that investment, Mukesh D AmbaniReliance Chairman and Managing Director, said that the investment in Caelux aligns with the company’s strategy to create the most advanced green energy manufacturing ecosystem, supported by world-class talent and built on the pillars of technological innovation enabled through strategic partnerships were reached.

READ:  Amazon Great Indian Festival Sale: 11 tips that can help you get better deals and discounts

“We believe that Caelux’s proprietary perovskite-based solar technology gives us access to the next level of innovation in crystalline solar modules. We will work with the Caelux team to accelerate product development and commercialization of their technology,” he said.

Scott GraybealCaelux CEO, said that by partnering with Reliance, the company will accelerate its efforts to expand manufacturing capabilities to produce products that make crystalline solar panels more efficient and cost-effective.

The transaction does not require regulatory approval and is expected to close by the end of September 2022, subject to the satisfaction of all conditions precedent.


Source link