RIL subsidiary to invest in US-based Caelux Corp

Reliance New Energy Limited (RNEL), a wholly owned subsidiary of Reliance Industries (RIL), will invest $12 million to acquire 20% stake in Caelux.

Caelux Corporation ("Caelux"), a company headquartered in Pasadena, California, in the United States of America, engaged in the development of perovskite-based solar technology.

This investment will accelerate product and technology development for Caelux, including construction of its pilot line in the United States, for expediting the commercial development of its technology.

RNEL and Caelux have also entered into a strategic partnership agreement for technical collaboration and commercialization of Caelux's technology.

Caelux is an industry leader in the research and development of perovskite-based solar technology. Its proprietary technology enables high efficiency solar modules that can produce 20% more energy over the 25-year lifetime of a solar project at significantly lower installed cost.

Reliance is setting up a global scale integrated photovoltaic Giga factory at Jamnagar, Gujarat. Through this investment and collaboration, Reliance will be able to produce more powerful and lower cost solar modules leveraging Caelux's products.

Mukesh D. Ambani, chairman and managing director, Reliance Industries, said, "The investment in Caelux aligns with our strategy to create the most advanced green energy manufacturing ecosystem, backed by world class talent, and built on the pillars of technological innovation achieved through strategic partnerships. We believe Caelux's proprietary perovskite based solar technology provides us with access to next leg of innovation in crystalline solar modules. We will work along with team at Caelux to accelerate its product development and commercialization of its technology."

The transaction will not require any regulatory approval and is expected to be completed by end of September 2022, subject to satisfaction of any condition's precedent.

RIL is India's largest private sector company, Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, renewables (solar and hydrogen), retail and digital services.

The conglomerate reported 40.8% increase in consolidated net profit to Rs 19,443 crore on 56.7% increase in net sales to Rs 2,19,304 crore in Q1 June 2022 over Q1 June 2021.

Shares of RIL shed 0.93% to end at Rs 2485.90 on Thursday, 22 September 2022.

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