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.