In green energy push Reliance to buy 20% stake in solar tech company
Reliance aims to produce 100 GW of solar energy by 2030
Reliance aims to produce 100 GW of solar energy by 2030
Reliance aims to produce 100 GW of solar energy by 2030
Reliance aims to produce 100 GW of solar energy by 2030
Indian conglomerate Reliance industries would be acquiring a 20% stake in a California-based solar technology company which is engaged in the development of perovskite-based solar technology.
A release said, “Reliance New Energy Limited (RNEL), a wholly owned subsidiary of Reliance Industries Ltd, has today signed definitive agreements to invest in Caelux Corporation, a company headquartered in Pasadena, California engaged in the development of perovskite-based solar technology. RNEL will invest $12 million to acquire 20% stake in Caelux.” It added, “RNEL and Caelux have also entered into a strategic partnership agreement for technical collaboration and commercialization of Caelux’s technology.”
According to the release, Reliance would be setting up a global-scale integrated photovoltaic Giga factory at Jamnagar, Gujarat.
The stake purchase is part of the billionaire Mukesh Ambani-led conglomerate's aggressive push into the renewable energy sector, which aims of producing 100 GW of solar energy by 2030, Reuters reported. Earlier this month, Reliance said it would acquire a 79.4% stake in California-based solar energy software developer SenseHawk for $32 million, reported the publication.