Acquisition of Caelux Corp by RIL

According to a release, Reliance New Energy Ltd, a wholly-owned subsidiary of the corporation, inked formal agreements to invest in Caelux Corporation, a Pasadena, California-based company involved in the development of perovskite-based solar technology.

In Jamnagar, Gujarat, where an integrated photovoltaic facility is being built, Reliance’s gigafactory, the alliance is anticipated to aid in the production of higher efficiency and more affordable solar modules.

The commercialization of Caelux’s perovskite-based solar technology, which allowed solar modules to generate 20% more energy over the course of a 25-year solar project, will also be made possible. Several international businesses, notably Ambri in the US, Faradion in the UK, and Lithium Works in the Netherlands, have partnered with Reliance to help create its new energy stack.

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