Reliance New Energy invests $ 12 million in American solar company, will help develop products.

New Delhi, Business Desk. Reliance New Energy Limited (RNEL), a subsidiary of Mukesh Ambani-led Reliance Industries, has announced an investment in Caelux Corporation, located in Pasadena, California, USA. This company manufactures perovskite based solar technology.

According to a press release issued by the company, RNEL has decided to invest $12 million in Calcs. In return, the company will get a 20 percent stake in Calcs. It was also said that this investment will help develop Calx’s products and technology.

Reliance’s Strategic Partnership

Both companies have described this partnership as a strategic investment. It will also aid in the technology commercialization of Calcs. Speaking about the investment, Mukesh Ambani, Chairman, Reliance Industries Ltd. said that the investment in Calc will develop the most advanced green energy manufacturing ecosystem in the world through innovation backed by world-class talent.

Ambani further said that Calc’s proprietary perovskite based solar technology will help us take innovation in perovskite crystalline solar modules to the next stage.

Big investment in Reliance Green Energy

Reliance is investing extensively in green energy. The company plans to invest Rs 75,000 crore in the sector over the next three years to set up four giga-factories, which will make solar panels, energy storage systems, fuel cells along with many more solar-connected devices.