Reliance Acquires 20% Stake In Solar Tech Firm Caelux For $12 million
The Reliance-Caelux deal will allow India's biggest firm by market cap to produce efficient and low-cost solar modules at its gigafactory in Jamnagar, Gujarat.
Reliance Industries Ltd. has acquired 20% stake in California-based solar tech firm for $12 billion to strengthen its new energy business.
Reliance New Energy, a wholly-owned subsidiary of India's biggest firm by market cap, has signed definitive agreements to invest in Caelux Corp., a Pasadena, California-based company engaged in the development of perovskite-based solar technology, according to a statement.
The partnership is expected to help Reliance produce higher efficiency and low-cost solar modules at its gigafactory in Jamnagar, Gujarat, where an integrated photovoltaic plant is being set up. The deal will allow Caelux Corp. to commercialise its solar technology, which enabled solar modules to produce 20% more energy over a 25-year lifetime of the solar project.
Reliance has been building its new energy stack with partnerships with several global players, including Ambri in the US, Faradion in the UK and Lithium Werks in the Netherlands. It recently acquired a 79.4% stake in SenseHawk, a solar digitisation platform that helps customers develop, build and operate solar and other infrastructure sites.
It has also signed up with Maxwell Technology to purchase eight sets of high-efficiency production lines for heterojunction cells, each with 600 MW capacity, to manufacture an annual capacity of 4.8 GW of HJT cells. Reliance acquired REC Solar Holdings, a module manufacturer of HJT technology.
Caelux is an industry leader in R&D of perovskite-based solar technology. Its proprietary technology enables high-efficiency solar modules that can produce 20% more energy over the 25-year lifetime of a solar project at significantly lower installed cost.
The transaction will not require any regulatory approval and is expected to be completed by end of September 2022, subject to satisfaction of any condition's precedent.