Reliance New Energy (RNEL), a wholly-owned subsidiary of Reliance Industries, has acquired a 20% stake for $12 million in California-headquartered Caelux Corporation, a company developing perovskite-based solar technology to enhance module efficiency.

The partnership is expected to help Reliance produce higher efficiency and low-cost solar modules at its Jamnagar, Gujarat-based gigafactory, where an integrated photovoltaic plant is being set up.

The partnership with Reliance will also allow Caelux to commercialize its perovskite-based solar technology, which enables solar modules to produce 20% more energy over a 25-year lifetime of the solar project. The investment would also allow Caelux to build its pilot line in the United States.

With Reliance’s investment into Caelux, the two companies have agreed on technical collaboration and commercialization of the latter’s proprietary technology.

Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries, 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.”

This 20% stake buy is the latest in Reliance’s slew of acquisitions. Recently, it signed definitive agreements to acquire a 79.4% stake in SenseHawk, a solar digitization platform SaaS that helps customers develop, build and operate solar and other infrastructure sites. The company has also signed a letter of commitment with Maxwell Technology to purchase eight sets of high-efficiency production lines for heterojunction cells (HJT), each with 600 MW capacity, to manufacture an annual capacity of 4.8 GW of HJT cells. Reliance acquired REC Solar Holdings, a module manufacturer of HJT technology.

Scott Graybeal, CEO of Caelux Corporation, said, “Through the partnership with Reliance, we will accelerate our efforts to build out our manufacturing capabilities to produce products that make crystalline solar modules more efficient and cost-effective.”

According to Mercom Capital’s 1H and Q2 2022 Solar Funding and M&A Report, total corporate funding (including venture capital funding, public market, and debt financing) in 1H 2022 stood at $12 billion.