Announcement under Regulation 30 (LODR)-Press Release / Media Release

Please find attached a media release by the Company, titled 'Reliance New Energy Limited to invest in Caelux Corporation'.

4 days ago

PRESS RELEASE

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  • A technology company working on perovskite based solar technology Investment to further strengthen Reliance’s leadership in advanced solar cell technology Mumbai, September 23, 2022:

  • Reliance New Energy Limited (“RNEL”), a wholly owned subsidiary of Reliance Industries Ltd (“Reliance”), has today signed definitive agreements to invest in 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.

  • Through this investment and collaboration, Reliance will be able to produce more powerful and lower cost solar modules leveraging Caelux’s products.

  • Speaking about this investment, Mr. Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited, 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.”

  • Mr. Scott Graybeal, CEO of Caelux Corporation, said, “Caelux is proud to have Reliance as a lead investor as we move to the next phase of our development and are grateful for Khosla Ventures’ support of the company over the years.

  • Through the partnership with Reliance, we will accelerate our efforts to build out our manufacturing capabilities to produce products that make crystalline solar modules more efficient and cost effective.

  • We look forward to demonstrating the future of solar power at a scale as we support Reliance’s global expansion plans and product roadmap.”

  • Mr. Vinod Khosla, Khosla Ventures, said, "Caelux’s ‘perovskite on glass’ architecture is the innovation the solar industry needs to significantly reduce costs and accelerate renewables penetration.

  • As an early backer of Caelux, we have been impressed with their technical progress and are excited to continue working with them as they embark on their commercial journey with Reliance.”

  • It features among LinkedIn’s ‘The Best Companies to Work For in India’ (2021).

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    Mentioned Phrases & Organizations

    Important keywords detected (20+)

    caelux (22)
    reliance (17)
    solar (14)
    technology (12)
    development (7)
    perovskite (6)
    based (6)
    industries (5)
    modules (5)
    cost (5)
    reliance industries (5)
    perovskite based (5)
    based solar (5)
    perovskite based solar (5)
    india (4)
    new (4)
    invest (4)
    corporation (4)
    energy (4)
    united (4)

    Organizations identified (9+)

    Reliance (9)
    Reliance Industries Limited (3)
    Caelux Corporation (2)
    RNEL (2)
    Khosla Ventures (2)
    Encl (1)
    Reliance Industries Ltd (1)
    LinkedIn (1)
    Caltech (1)

    Features are experimental.