The official agreement for Reliance New Energy (RNEL), a fully owned subsidiary of Reliance Industries, to invest in Caelux Corporation, based in California, was signed. For a $12 million investment, RNEL will buy a 20% interest in Caelux.

Caelux's product and technology development will be accelerated by this investment, which also includes the building of a pilot line for the company's technology in the US. A strategic partnership agreement for technical cooperation and the commercialization of Caelux's technology has also been reached between RNEL and Caelux.

Leading the way in perovskite-based solar technology research and development is Caelux. With the use of its proprietary technology, high-efficiency solar modules can provide 20% more energy throughout a solar project's 25-year lifespan at a much lower installation cost.