Reliance New Energy Ltd (RNEL), a wholly owned subsidiary of Reliance Industries Ltd, is investing $12 million for a 20 per cent stake in Caelux Corporation. Caelux, based in Pasadena, California, US, is engaged in the development of perovskite-based solar technology.

Its proprietary technology enables high-efficiency solar modules that can produce 20 per cent more energy over the 25-year lifetime of a solar project at significantly lower installed cost. Perovskite is a calcium titanium oxide mineral and devices made from this commodity offer better efficiencies.

Reliance is setting up a global-scale integrated photovoltaic giga factory at Jamnagar, Gujarat. Through this investment and collaboration, the Mukesh Ambani-led firm said it will be able to produce more powerful and lower-cost solar modules leveraging Caelux’s products.

Reliance added that its investment will accelerate product and technology development for Caelux, including the construction of its pilot line in the US, for expediting the commercial development of its technology.

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

According to Morgan Stanley, Caelux is testing its coating solutions for solar glass with perovskites which improve the efficiency of panels by up to 20 per cent.