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Reliance New Energy acquires a 20% stake in Caelux to strengthen its position in advanced solar technology

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  • to trust supports advanced green energy technologies as it builds out its Gigafactory for its new energy ecosystem.
  • The $12 million investment in Caelux Corp will give it access to the company’s perovskite-based solar technology, which is said to produce 20% more energy.
  • Previously, Reliance partnered with US, UK and Netherlands companies working on advanced green energy technologies.

Reliance New Energy, a wholly owned subsidiary of Mukesh Ambanic‘s Reliance Industriestook a 20% stake in California-based Caelux Corp, a solar technology company.

The $12 million investment in Caelux will help accelerate Caelux’s product and technology development. Reliance says the agreement with the company also includes technical collaboration and commercialization of Caelux’s technology.

“The investment in Caelux fits into our strategy to create the most advanced green energy production ecosystem, supported by world-class talent, and built on the pillars of technological innovation achieved through strategic partnerships. We believe that Caelux’s proprietary perovskite-based solar technology gives us access to the next stage of innovation in crystalline solar modules,” said Mukesh Ambani, President and CEO of Reliance Industries.

In August, Mukesh Ambani announced a new power electronics Gigafactory, where it will manufacture photovoltaic panels and energy storage solutions such as battery packs, among other things.

Caelux is a market leader in the research and development of perovskite-based solar technology. Perovskite is a semiconductor used to transport electrical charge, and researchers have found it can be used as a replacement for thin-film solar cells.

According to the press release, Caelux’s technology can produce 20% more energy over the 25-year lifespan of a solar project, and can be deployed at a lower cost.

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Mukesh Ambani is all set to do a ‘Jio’ with green energy

Reliance supports advanced green energy technologies as it builds out its Gigafactory for its new energy ecosystem. The $12 million investment in Caelux Corp gives it access to the company’s perovskite-based solar technology, which is said to produce 20% more energy. Previously, Reliance partnered with US, UK and Netherlands companies working on advanced green energy technologies.

“By partnering with Reliance, we will accelerate our efforts to expand our manufacturing capabilities to produce products that make crystalline solar modules more efficient and cost-effective,” said Scott Graybeal, CEO of Caelux Corp.

Doing a ‘Jio’ with green energy

Mukesh Ambani’s fortunes – and Reliance’ – are based on the refining of crude oil, but now that green energy is the future, he is preparing to win a Jio in this sector too by making it affordable.

To date, in pursuit of its green energy goals, Reliance has already partnered with several global players, including Ambri in the US, Faradion in the UK and Lithium Werks in the Netherlands, each offering expertise in energy storage.

Reliance is also looking at part of the pie in the green hydrogen space, partnering with US-based Chart Industries to commercialize hydrogen technology and build a supply chain.

It is also collaborating with Denmark’s Stiesdal A/S on its next-gen electrolyser technology to reduce the cost of producing hydrogen from water.

So far, Reliance has committed $10 billion in green energy investments, and analysts at UBS suggest the company will need an additional $26 billion capex by the end of this decade.

Those investments will add $35 billion in value to the company, according to UBS, which also notes that new energy is a $20 trillion opportunity. It notes that green energy will be Reliance’s new “growth engine” in the future.


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