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HomeDigit NewsReliance New Energy Ltd. to buy 20% stake in US Calc, invest...

Reliance New Energy Ltd. to buy 20% stake in US Calc, invest $12 million

Reliance New Energy Limited Deal: Reliance New Energy Limited (RNEL), a wholly owned subsidiary of Mukesh Ambani’s Reliance Industries Limited, has announced an investment in Calux Corporation of America. Reliance New Energy will invest $12 million for a 20 percent stake in Calux, located in California, US. This is expected to strengthen the company in ‘Advanced Solar Cell Technology’.

Both the companies signed the agreement
The deal will help next-generation solar technology developer Calx gain a foothold in the US as well as in markets around the world. Both the companies have signed a Strategic Partnership Agreement for this.

Reliance Industries Chairman Mukesh Ambani expressed happiness
Commenting on the investment, Mukesh Ambani, Chairman and Managing Director, Reliance Industries Ltd. said, “The investment in Calx is in line with our strategy to create a ‘world class green energy production’ eco-system. We believe that Calux’s perovskite-based solar technology and crystalline solar modules, will help us reach the next stage. We will work with the Calux team to accelerate its production development and commercialization of its technology.”

What Scott Grebeel, CEO of Calux Corporation, said
Scott Grebeel, CEO, Calux Corporation, expressed happiness on joining Reliance as a key investor, saying, “We will continue to focus on making crystalline solar modules more efficient and cost-effective and expanding our manufacturing capacity. The plans and products support the roadmap.”

What is the specialty of Calux – how will Reliance get help from this investment
In fact, Calux is known for its perovskite-based solar technology. The company manufactures high-efficiency solar modules that can produce up to 20 percent more electricity. The cost of its solar project, which can generate electricity for 25 years, is also very low. Reliance is setting up a world-class, integrated photovoltaic Giga factory in Jamnagar, Gujarat. With this investment, Reliance will be able to take advantage of Calx’s products and manufacture ‘more powerful’ and lower cost solar modules.

The deal between Calcux and Reliance expected to be completed by the end of September
Vinod Khosla of Khosla Ventures said, “As an early investor in Calux, we have been impressed by their technological advancements and will continue to work with them.” It is expected to be completed by the end of the year.

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