Caelux, a U.S.-based perovskite solar cell technology firm, has announced the closure of a $12 million series A3 funding round led by Temasek, a global investment company, to support the company’s factory expansion, research and development, and new product launch.

Reliance New Energy, Khosla Ventures, Mitsui Fudosan, and Fine Structure Ventures were the other participants in the financing round.

With the recent round, the total Series A funding raised by the company comes to $24 million.

The funding will support the company’s plan to build a manufacturing facility in Baldwin Park, California, and ramp up to reach 100 MW of perovskite-coated glass. It will also help support the company’s advancements in perovskite technology to achieve deployment at scale.

The company also plans to launch its new product, Caelux™ One, which aims to achieve 30% efficient commercial tandem solar modules. The modules are expected to have enhanced scalability, durability, and reliability, reducing the installation costs for developers and installers.

Scott Graybeal, CEO of Caelux, said, “Our advances in perovskite technology represent a seismic shift in the solar energy industry, providing more powerful, efficient, and cost-effective solar solutions. This investment will support our mission to usher in the next generation of solar innovation, including our production of full-size perovskite sub-modules.”

For Reliance New Energy, this will be the second investment in Caelux. In September 2022, the wholly owned subsidiary of Reliance Industries acquired a 20% stake for $12 million in Caelux, which would help Reliance produce higher efficiency and low-cost solar modules at its Jamnagar, Gujarat-based gigafactory, where an integrated photovoltaic plant is being set up.

The investment was also expected to allow Caelux to build its pilot line in the U.S.

Reliance New Solar Energy was amongst the winners of India’s Production-Linked Incentive program for solar module manufacturing and was allotted ₹31 billion (~$372.74 million) to develop 6 GW of integrated polysilicon, wafer, cell, and module manufacturing capacity.

According to Mercom Capital Group’s 1H and Q2 2023 Solar Funding and M&A Report, the total global corporate funding in the solar sector during the first half of 2023, including venture capital investments, public market funding, and debt financing, reached $18.5 billion, a 54% year-over-year increase from $12 billion.