Reliance New Energy, a wholly owned subsidiary of Reliance Industries, has signed agreements to invest in the US-based perovskite-based solar technology company Caelux Corporation.

Caelux is in the research and development of perovskite-based solar technology. Its proprietary technology enables high-efficiency solar modules that can produce 20 per cent more energy over the 25-year lifetime of a solar project at significantly lower installed cost.

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The Reliance company will invest USD 12 million to acquire a 20 per cent stake in the US-based company. Caelux is headquartered in Pasadena, California, in the US.

The transaction will not require any regulatory approval and is expected to be completed by end of September 2022, Reliance Industries said in a statement on Friday

Through this investment and collaboration, Reliance will be able to produce more powerful and lower-cost solar modules leveraging Caelux’s products as the former is setting up a global-scale integrated photovoltaic Giga factory at Jamnagar in Gujarat.

This investment is expected to accelerate product and technology development for Caelux, including the construction of its pilot line in the US, for expediting the commercial development of its technology, the statement added.

“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 Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries.

“We believe Caelux’s proprietary perovskite-based solar technology provides us with access to the next leg of innovation in crystalline solar modules. We will work along with the team at Caelux to accelerate its product development and commercialization of its technology,” Mukesh D. Ambani added.

Besides, both companies have also entered into a strategic partnership agreement for technical collaboration and commercialization of Caelux’s technology.

“Through the partnership with Reliance, we will accelerate our efforts to build out our manufacturing capabilities to produce products that make crystalline solar modules more efficient and cost-effective. We look forward to demonstrating the future of solar power at a scale as we support Reliance’s global expansion plans and product roadmap,” said Scott Graybeal, CEO of Caelux Corporation.