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					</table><p><a href="https://caelux.com/" target="_blank" rel="noopener">Caelux</a>, a U.S.-based perovskite solar cell technology firm, has announced the closure of a $12 million series A3 funding round led by <a href="https://www.temasek.com.sg/en/index" target="_blank" rel="noopener">Temasek</a>, a global investment company, to support the company’s factory expansion, research and development, and new product launch.</p>
<p><a href="https://www.ril.com/OurBusinesses/New-Energy.aspx" target="_blank" rel="noopener">Reliance New Energy</a>, <a href="https://www.khoslaventures.com/" target="_blank" rel="noopener">Khosla Ventures</a>, <a href="https://www.mitsuifudosan.co.jp/english/" target="_blank" rel="noopener">Mitsui Fudosan</a>, and <a href="https://finestructure.vc/" target="_blank" rel="noopener">Fine Structure Ventures</a> were the other participants in the financing round.</p>
<p>With the recent round, the total Series A funding raised by the company comes to $24 million.</p>
<p>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.</p>
<p>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.</p>
<p>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.”</p>
<p>For Reliance New Energy, this will be the second investment in Caelux. In September 2022, the wholly owned subsidiary of Reliance Industries <a href="https://www.mercomindia.com/reliance-acquires-20-stake-module-technology-caelux-12-million" target="_blank" rel="noopener">acquired</a> 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.</p>
<p>The investment was also expected to allow Caelux to build its pilot line in the U.S.</p>
<p>Reliance New Solar Energy was amongst the winners of India’s Production-Linked Incentive program for solar module manufacturing and was <a href="https://www.mercomindia.com/reliance-renew-tata-power-winners-pli-11" target="_blank" rel="noopener">allotted</a> ₹31 billion (~$372.74 million) to develop 6 GW of integrated polysilicon, wafer, cell, and module manufacturing capacity.</p>
<p>According to Mercom Capital Group’s <a href="https://mercomcapital.com/product/1h-q2-2023-solar-funding-ma-report/" target="_blank" rel="noopener">1H and Q2 2023 Solar Funding and M&amp;A Report</a>, 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.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/satish-shetty/" class="vcard author" rel="author"><span class="fn">Satish Shetty</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Satish Shetty,</strong> Associate Editor at Mercom India<br />
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener"><strong style="color: #00b451">Satish Shetty</strong></a> is an Associate Editor with Mercom India. Prior to Mercom, Satish was a multimedia news producer at Reuters, where he gained experience in digital news media. Satish has his Bachelor of Arts (B.A.) degree in Broadcast Journalism from Limkokwing University of Creative Technology, Malaysia.<br />
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Reliance, Others Invest $12 Million in Perovskite Solar Tech Firm Caelux


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					</table><p>Reliance New Energy (RNEL), a wholly-owned subsidiary of <a href="https://www.ril.com/" target="_blank" rel="noopener">Reliance Industries</a>, has acquired a 20% stake for $12 million in California-headquartered <a href="https://caelux.com/" target="_blank" rel="noopener">Caelux Corporation</a>, a company developing perovskite-based solar technology to enhance module efficiency.</p>
<p>The partnership is expected to 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.</p>
<p>The partnership with Reliance will also allow Caelux to commercialize its perovskite-based solar technology, which enables solar modules to produce 20% more energy over a 25-year lifetime of the solar project. The investment would also allow Caelux to build its pilot line in the United States.</p>
<p>With Reliance’s investment into Caelux, the two companies have agreed on technical collaboration and commercialization of the latter’s proprietary technology.</p>
<p>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 the next leg of innovation in crystalline solar modules.”</p>
<p>This 20% stake buy is the latest in Reliance’s slew of acquisitions. Recently, it <a href="https://mercomindia.com/reliance-acquire-stake-sensehawk-32-million/" target="_blank" rel="noopener">signed</a> definitive agreements to acquire a 79.4% stake in SenseHawk, a solar digitization platform SaaS that helps customers develop, build and operate solar and other infrastructure sites. The company has also <a href="https://mercomindia.com/reliance-purchase-production-lines-hjt-cells/" target="_blank" rel="noopener">signed</a> a letter of commitment with Maxwell Technology to purchase eight sets of high-efficiency production lines for heterojunction cells (HJT), each with 600 MW capacity, to manufacture an annual capacity of 4.8 GW of HJT cells. Reliance acquired REC Solar Holdings, a module manufacturer of HJT technology.</p>
<p>Scott Graybeal, CEO of Caelux Corporation, said, “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.”</p>
<p>According to Mercom Capital’s <a href="https://mercomcapital.com/product/1h-q2-2022-solar-funding-ma-report/" target="_blank" rel="noopener">1H and Q2 2022 Solar Funding and M&amp;A Report</a>, total corporate funding (including venture capital funding, public market, and debt financing) in 1H 2022 stood at $12 billion.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/sumit-jha/" class="vcard author" rel="author"><span class="fn">Sumit Jha</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt"><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture2.jpg" width="50" /><strong style="text-decoration: underline">Sumit Jha,</strong> Assistant Managing Editor at Mercom India</div>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture2.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/sumit-jha/" target="_blank" rel="noopener"><strong style="color: #00b451">Sumit Jha </strong></a>is the Assistant Managing Editor at Mercom India. Prior to Mercom, Sumit worked as a journalist for over a decade, covering the energy sector for Reuters, CNBC-TV18, Bloomberg TV India, and Financial Express, among others. Sumit holds a diploma in print journalism from the Indian Institute of Mass Communication, Delhi, and a Bachelor of Engineering (B.E) from Manipal Institute of Technology.<a href="https://mercomindia.com/author/sumit-jha/" rel="noopener noreferrer">More articles from Sumit Jha</a></div>
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Reliance Acquires 20% Stake in Perovskite-based Solar Tech Firm Caelux for $12 Million

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