Reliance New Energy Ltd will invest in Celex Corporation – a company working in perovskite-based solar technology – capable of producing 20% more energy over the 25-year lifetime of a solar project at a lower installed cost.
MUMBAI, Reliance New Energy Limited (“RNEL”), a wholly owned subsidiary of Reliance Industries Limited (“Reliance”), today entered into a definitive agreement to invest in Celux Corporation (“Caelux”), a company headquartered in Pasadena, California, United States of America. have signed.
RNEL to acquire 20% stake in Cellux, which works to develop perovskite-based solar technology will invest USD 12 million. Reliance New Energy Limited to invest in Caelux Corporation
The investment will accelerate Sellux’s product and technology development, including accelerating the commercial development of its technology, including the construction of its pilot line in the United States. R.N.E.L. and Selux have entered into agreements for technical collaboration and strategic partnership for commercialization of Selux’s technology.
Cellux is a pioneer in the research and development of perovskite-based solar technology. Its proprietary technology enables high-efficiency solar modules, which can produce 20% more energy over the 25-year lifetime of a solar project at significantly lower installed costs.
Reliance is setting up a globally integrated photovoltaic giga factory at Jamnagar, Gujarat. Through this investment and collaboration, Reliance will be able to produce more powerful and lower cost solar modules and leverage Selex’s products for the same.
Chairman and Managing Director of Reliance Industries Limited Mr. Mukesh D. Commenting on the investment, Ambani said, “Investment in Celex is perfectly aligned with our strategy to build a state-of-the-art green energy manufacturing ecosystem built on the pillars of technological innovation supported by world-class talent and achieved through strategic partnerships.
We believe that Cellux’s proprietary perovskite-based solar technology will provide us with access to the next phase of innovation in crystalline solar modules. We will work closely with the Celex team to accelerate its product development and commercialization of its technology. “
Mr. Scott Graybeel, CEO, Celex Corporation, said, “We are proud to begin our relationship with Reliance as a lead investor as we move into the next phase of our growth and are grateful for the support Khosla Ventures has provided to the company over the years.
Through the partnership with Reliance we will accelerate our efforts to develop our manufacturing capabilities to produce products that make crystalline solar modules more efficient and cost effective. We look forward to changing the future of solar energy as we align with Reliance’s global expansion plans and product roadmap.”
Mr. Vinod Khosla of Khosla Ventures said, “Selux’s ‘perovskite on glass’ architecture is a cutting-edge technology that is essential for the solar industry to significantly reduce costs and accelerate the penetration of renewables.
As an early supporter of Celex we have been impressed by their technological advancements and are excited to continue our collaboration with them as they embark on their new business journey with Reliance.
The deal will not require any regulatory approval and is expected to close by the end of September 2022, subject to the fulfillment of any necessary conditions.