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Reliance New Energy bought 20 percent stake in American company ‘Calux’ for $12 million

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Reliance New Energy bought 20 percent stake in American company ‘Calux’ for $12 million

New Delhi, Sep 23 (PTI) Reliance New Energy Limited (RNEL), a wholly owned subsidiary of Reliance Industries Limited, has announced an investment in Calux Corporation, based in California, USA. Reliance New Energy will invest $12 million for a 20 per cent stake in Calux, which will develop next-generation solar technology. The investment is expected to strengthen the company’s new energy manufacturing capability.

RNEL said in a statement that the two companies have signed a strategic partnership agreement. Calux is known for its perovskite-based solar technology. The company manufactures high-efficiency solar modules that can produce up to 20 per cent more energy. Its solar project, which can generate electricity for 25 years, also has a very low cost.

Reliance is setting up an integrated photovoltaic giga factory in Jamnagar, Gujarat. With this partnership, Reliance will be able to produce ‘more powerful’ and lower cost solar modules at its plant.

Commenting on the investment, Mukesh D Ambani, Chairman and Managing Director, Reliance Industries Ltd. said, “The investment in Calux is in line with our strategy to create a ‘world-class green energy manufacturing’ environment. We believe 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 product development and commercialization of its technology.”

Scott Grebeel, Chief Executive Officer (CEO), Calux Corporation, expressed happiness over the partnership with Reliance, saying, “In partnership with Reliance, we will focus on making crystalline solar modules more efficient and cost-effective and expanding our manufacturing capabilities.” ‘

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