US based perovskite solar technology company, Caelux, announced that it has closed its $12 million Series A3 funding round. It was led by global investment company Temasek, with participation from Reliance New Energy Limited, Mitsui Fudosan, Khosla Ventures, and Fine Structure Ventures.

Till now, Caelux has raised Series A funding of $24 million. The current funds will be used to support the company’s factory ramp, research and development, and product launch. With this, Caelux intends to bring its more powerful, efficient, and affordable solar solution to market, especially during a time when there are pressing environmental challenges.

Speaking about this development, CEO of Caelux, Scott Graybeal said, “Our advances in perovskite technology represent a seismic shift in the solar energy industry, providing more powerful, efficient, and cost-effective solar solutions. This investment will support our mission to usher in the next generation of solar innovation, including our production of full-size perovskite sub-modules. We are excited to have attracted visionary, global investors to help us on our journey to multi-gigawatt scale.”

This investment comes at a time when Caelux’s advancements in perovskite technology is creating near-term solutions than previously thought possible. In 2022, Reliance Industries Limited (RIL) had invested $12 million to acquire a 20% stake in Caelux (see Reliance To Invest $12 Million In US Perovskite Firm)