FCC

Reliance and Partners invest $12M in Caelux's Solar Tech

2023-08-18

U.S. based perovskite solar cell technology company, Caelux, recently closed a $12 million series A3 funding round. This round was spearheaded by Temasek, a global investment firm, and saw participation from Reliance New Energy, Khosla Ventures, Mitsui Fudosan, and Fine Structure Ventures. With this recent influx, Caelux's total Series A funding has reached $24 million. The funds are earmarked for the establishment of a manufacturing facility in Baldwin Park, California, with the goal of producing 100 MW of perovskite-coated glass. Additionally, the investment will bolster the company's R&D efforts, particularly in advancing perovskite technology for large-scale deployment. Caelux also unveiled plans to introduce its new product, Caelux™ One, targeting 30% efficiency in commercial tandem solar modules. Scott Graybeal, Caelux's CEO, emphasised the transformative potential of their perovskite technology in the solar sector. Notably, this marks Reliance New Energy's second investment in Caelux. In September 2022, Reliance acquired a 20% stake in Caelux for $12 million, aiming to produce high-efficiency, cost-effective solar modules at its Jamnagar-based gigafactory.