Reliance To Buy 20% Stake in US-based Solar Technology Developer Caelux

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Reliance Industries Ltd said its unit Reliance New Energy Ltd will buy a 20% stake for $ 12 million in Caelux Corp, a solar technology developer, to produce more powerful and cheaper solar modules.

Based in Pasadena, California, Caelux is committed to the research and development of perovskite-based solar technology, whereby high-efficiency solar modules can produce 20% more energy over the 25-year lifetime of a solar project with lower installation costs, Reliance said in the submission exchange on Friday.

The purchase of shares is part of the aggressive pressure of billionaire Mukesh Ambani’s conglomerate on the renewable energy sector to produce 100 GW of solar energy by 2030.

Earlier this month Reliance Industries has signed agreements to acquire a majority stake of 79.4 per cent in SenseHawk, a service provider for the solar energy generation industry. The deal valued USD 32 million, including funding for future growth, commercial rollout of products, and research and development (R&D).

Over the past two years, Reliance has invested USD 1.6 billion in building capabilities in new energy across EPC, technology and the supply chain.