Reliance New Energy Will Buy 20% Stake In American Solar Power Company Caelux

Reliance New Energy, a wholly owned subsidiary of Reliance Industries, has signed agreements to invest in Caelux Corporation, a US-based perovskite-based solar technology company. Kelux works in the research and development of perovskite-based solar technology. The ownership of this company is to describe the company as competent in the field of technology related to high-efficiency solar modules. This technology can help produce 20 percent more energy over a 25-year lifetime of a solar project at a much lower installed cost.

Reliance New Energy will invest $12 million to acquire a 20 percent stake in the US-based company. Caelux is headquartered in Pasadena, California, USA. Reliance Industries said in a statement issued on Friday that the transaction will not require any regulatory approval and is expected to be completed by the end of September 2022.

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