Reliance New Energy (RNEL), a wholly owned subsidiary of Reliance Industries, signed a definitive agreement to invest in California-based Caelux Corporation. RNEL will invest $12 million to acquire a 20% stake in Caelux.

"This investment will accelerate product and technology development for Caelux, including construction of its pilot line in the US, for expediting the commercial development of its technology," RNEL said in a statement, adding that RNEL and Caelux have also entered into a strategic partnership agreement for technical collaboration and commercialisation of Caelux’s technology.

Caelux is an industry leader in the research and development of perovskite-based solar technology. Its proprietary technology enables high efficiency solar modules that can produce 20% more energy over the 25-year lifetime of a solar project at significantly lower installed cost, according to a press statement.

Mukesh Ambani, Chairman, RIL said, “The investment in Caelux aligns with our strategy to create the most advanced green energy manufacturing ecosystem, backed by world class talent, and built on the pillars of technological innovation achieved through strategic partnerships. We believe Caelux’s proprietary perovskite-based solar technology provides us with access to the next leg of innovation in crystalline solar modules. We will work along with the team at Caelux to accelerate its product development and commercialisation of its technology.”