Reliance New Energy will acquire a 20 percent stake in California-headquartered company Caelux Corporation for $12 million, the company announced on Friday.

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In early trade, Reliance Industries shares were trading in the red, down 0.10 percent from the previous close at Rs 2466.05 at 9:45 am. The stock fell almost a percent intraday.

Reliance Industries’ wholly-owned subsidiary has also entered into a strategic partnership agreement with the solar tech firm for technical collaboration and commercialisation of the latter’s technology.

“This investment will accelerate product and technology development for Caelux, including the construction of its pilot line in the United States, for expediting the commercial development of its technology,” Reliance said in a statement.

The transaction will not require any regulatory approval and is expected to be completed by end of September.

Caelux is involved in the research and development of perovskite-based solar technology. “Its proprietary technology enables high-efficiency solar modules that can produce 20 percent more energy over the 25-year lifetime of a solar project at significantly lower installed cost,” as per the statement.

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At a time when Reliance is setting up a global-scale integrated photovoltaic Giga factory at Gujarat’s Jamnagar, the collaboration will help the conglomerate produce more powerful and lower-cost solar modules leveraging Caelux’s products, it said.

Reliance’s chairman Mukesh Ambani said, “The investment in Caelux aligns with our strategy to create the most advanced green energy manufacturing ecosystem…We believe Caelux’s proprietary perovskite-based solar technology provides us with access to next leg of innovation in crystalline solar modules.”

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First Published:Sept 23, 2022 9:19 AM IST