Reliance acquires 20 pc stake in solar tech firm Caelux for USD 12 million Reliance New Energy

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Reliance acquires 20 pc stake in solar tech firm Caelux for USD 12 million Reliance New Energy


Photo:PTI Mukesh Ambani

Reliance New Energy: Oil sector giant Reliance is now taking a strong entry in the field of renewable energy. The company is setting up an integrated photovoltaic giga factory at Jamnagar, Gujarat. To reduce the cost of this giga factory, Reliance New Energy Limited (RNEL), a wholly owned subsidiary of Reliance Industries Limited, has made a big deal.

The company has announced an investment in Calux Corporation, based in California, USA. Reliance New Energy will invest $12 million for a 20 per cent stake in Calux, which will develop next-generation solar technology. The investment is expected to strengthen the company’s new energy manufacturing capability. RNEL said in a statement that the two companies have signed a strategic partnership agreement.

Why Calc is important to Reliance

Calux is known for its perovskite-based solar technology. The company manufactures high-efficiency solar modules that can produce up to 20 per cent more energy. Its solar project, which can generate electricity for 25 years, also has a very low cost. Reliance is setting up an integrated photovoltaic giga factory in Jamnagar, Gujarat. With this partnership, Reliance will be able to produce ‘more powerful’ and lower cost solar modules at its plant.

The company’s big stake in the field of green energy

Commenting on the investment, Mukesh D Ambani, Chairman and Managing Director, Reliance Industries Limited said, “The investment in Calx is in line with our strategy to create a ‘world-class green energy manufacturing’ environment. We believe Calux’s perovskite-based solar technology and crystalline solar modules will help us reach the next stage. We will work with the Calux team to accelerate its product development and commercialization of its technology.”

Calux working on crystalline solar module

Scott Grebeel, Chief Executive Officer (CEO), Calux Corporation, expressed happiness over the partnership with Reliance, saying, “In partnership with Reliance, we will focus on making crystalline solar modules more efficient and cost-effective and expanding our manufacturing capabilities.” ‘

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