BBN Bureau
MUMBAI/September 23-2022: Reliance New Energy Ltd (RNEL), a wholly owned subsidiary of Reliance Industries Ltd (RIL), has on Friday, entered into definitive agreements with Caelux Corporation (Caelux), for acquiring a 20 per cent stake for a total value of $12 million.
RNEL and Caelux have also entered into a strategic partnership agreement for technology collaboration and commercialisation of Caelux’s technology. Caelux is a limited liability company (LLC) incorporated under the laws of Delaware, United States of America in 2014.
No regulatory approvals are required for the said investment in Caelux. The transaction is expected to be completed by end of September 2022. The investment does not fall within related party transactions and none of the company’s promoter/promoter group/group companies have any interest in Caelux
Caelux is engaged in development of perovskite-based solar technology that improves the relative performance of new crystalline silicon modules to make them more powerful and cost-effective.
Caelux’s technology does not require any rare earth minerals but rather uses abundant, low-cost precursors, low temperature production methods and readily available equipment in its localised manufacturing process.
The technology can enable 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. The turnover of Caelux for calendar year (CY) 2021, CY 2020 and CY 2019 were NIL.
The investment by RNEL will accelerate product and technology development for Caelux, including construction of its pilot line in the US for expediting the commercial development of its technology.
