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The stake purchase is part of the billionaire Mukesh Ambani-led conglomerate's aggressive push into the renewable energy sector, with aims of producing 100 GW of solar energy by 2030
Photo Credit : Reuters
Reliance Industries on Friday said its unit Reliance New Energy would buy a 20 per cent stake for USD 12 million in solar technology developer Caelux Corp to produce more powerful and lower cost solar modules.
Pasadena, California-based Caelux is involved in research and development of perovskite-based solar technology that could see high efficiency solar modules produce 20 per cent more energy over the 25-year lifetime of a solar project for a lower installed cost, Reliance said in an exchange filing on Friday.
The stake purchase is part of the billionaire Mukesh Ambani-led conglomerate's aggressive push into the renewable energy sector, with aims of producing 100 GW of solar energy by 2030.
Speaking about this investment, Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited said that the investment in Caelux aligns with the 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 commercialization of its technology," Ambani added.
Scott Graybeal, CEO of Caelux Corporation hailed this agreement of Reliance's stake in Caelux and said that the partnership will accelerate its efforts to build out manufacturing capabilities to produce products that make crystalline solar modules more efficient and cost effective.
“Caelux is proud to have Reliance as a lead investor as we move to the next phase of our development and are grateful for Khosla Ventures’ support of the company over the years," Graybeal stated.
Earlier this month, Reliance said it would acquire a 79.4 per cent stake in California-based solar energy software developer SenseHawk for USD 32 million.