Reliance unit to purchase 20% people perovskite solar tech firm Caelux

Sep 23, 2022 10:26 AM ET
  • Indian corporation Reliance Industries Ltd (BOM:500325) said today its green energy arm has secured an offer to obtain a 20% risk in Caelux Corp, a US-based company engaged in the development of perovskite-based solar modern technology.
Reliance unit to purchase 20% people perovskite solar tech firm Caelux
Image: Empa Pictures

Reliance New Energy Ltd will pay USD 12 million (EUR 12.2 m) to obtain the minority interest, a bourse filing shows. The deal comes on the heels of the Indian group's agreement from earlier in September to acquire a 79.4% risk in US solar energy software programmer SenseHawk Inc in a bargain worth USD 32 million.

Establish in 2014, Delaware-based Caelux is working on a technology that enhances the performance of new crystalline silicon modules as well as makes them much more powerful as well as economical. During the past three fiscal years, the company's procedures did not bring any kind of profits.

The Indian team's investment will make it possible for the United States company to further establish its technology and also expand its organization so as to bring the innovation to the marketplace. The firm's future plans imagine the construction of a pilot assembly line in the US.

As part of the offer, Reliance New Energy and Caelux have actually signed a tactical collaboration agreement that aims for modern technology partnership as well as commercialisation of the United States company's item.

The purchase, which is not subject to regulative clearance, is attended be settled by the end of this month.

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