Reliance To Invest $12 Million In US Perovskite Firm

• RNEL is to invest $12 million to acquire 20% stake in US based perovskite solar technology company Caelux
• It will enable Caelux to construct its pilot line in the US and speed up commercialization of its technology
• RNEL will use Caelux technology to produce high efficiency crystalline solar modules back home in India

India's Reliance Industries Limited (RIL) will invest $12 million to purchase a 20% stake in US based perovskite solar technology company Caelux Corporation which is a spinoff of the California Institute of Technology (Caltech).

Reliance will make this acquisition via its subsidiary Reliance New Energy Limited (RNEL) that's responsible for all energy related initiatives for the parent.

Located in Pasadena, California Caelux uses its perovskite-based solar technology to clear textured glass which is then provided to the customers to be assembled in a module. It does not use any rare earth minerals but uses abundant, low-cost precursors, low temperature production methods.

It claims this proprietary technology process helps solar modules produce 20% more energy over 25-year lifetime of a solar project at a significantly lower installed capacity.

Proceeds from Reliance will enable Caelux construct its pilot line in the US and speed up the commercialization of its technology. Both the companies have also entered a strategic agreement for technical collaboration and commercialization of the technology.

For Reliance, this investment is aimed at using the technology to produce more powerful and lower cost modules at its integrated 10 GW solar PV cell and module Giga Factory at Jamnagar, Gujarat in India that's scheduled to enter commercial production by 2024. Here it will roll off heterojunction (HJT) modules using REC Solar's technology with an aim to increase efficiency to 28% in the future (see Reliance Announces Power Electronics Fab).

"The investment in Caelux aligns with our 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," said Chairman and MD RIL, Mukesh D Ambani. "We believe Caelux's proprietary perovskite based solar technology provides us with access to next leg of innovation in crystalline solar modules."

Earlier this month, RIL also announced $32 million to acquire 79.4% stake in US based solar digitalization software company SenseHawk (see India's Reliance Invests In California's SenseHawk).