Renewable

September 23 (Renewables Now) - Indian conglomerate Reliance Industries Ltd (BOM:500325) said today its green energy arm has clinched a deal to acquire a 20% stake in Caelux Corp, a US-based company engaged in the development of perovskite-based solar technology.

Reliance New Energy Ltd will pay USD 12 million (EUR 12.2m) to acquire the minority interest, a bourse filing shows. The deal comes on the heels of the Indian group's agreement from earlier in September to buy a 79.4% stake in US solar energy software developer SenseHawk Inc in a deal worth USD 32 million.

Set up in 2014, Delaware-based Caelux is working on a technology that improves the performance of new crystalline silicon modules and makes them more powerful and cost-effective. During the past three fiscal years, the company’s operations did not bring any revenues.

The Indian group’s investment will enable the US firm to further develop its technology and expand its business so as to bring the technology to the market. The company’s future plans envisage the construction of a pilot production line in the US.

As part of the deal, Reliance New Energy and Caelux have signed a strategic partnership agreement that aims for technology collaboration and commercialisation of the US firm’s product.

The acquisition, which is not subject to regulatory clearance, is seen to be finalised by the end of this month.

(USD 1.0 = EUR 1.017)

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