September 28, 2022
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Reliance unit to buy 20% stake in Caelux in renewable energy push

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BENGALURU: Indian oil-to-chemicals conglomerate Reliance Industries Ltd mentioned its unit Reliance New Power Ltd would purchase a 20% stake for $12 million in photo voltaic expertise developer Caelux Corp to supply extra highly effective and decrease value photo voltaic modules.
Pasadena, California-based Caelux is concerned in analysis and improvement of perovskite-based photo voltaic expertise that might see excessive effectivity photo voltaic modules produce 20% extra power over the 25-year lifetime of a photo voltaic mission for a decrease put in value, Reliance mentioned in an trade submitting on Friday.
The stake buy is a part of the billionaire Mukesh Ambani-led conglomerate’s aggressive push into the renewable power sector, with goals of manufacturing 100 GW of photo voltaic power by 2030.
Earlier this month, Reliance mentioned it might purchase a 79.4% stake in California-based photo voltaic power software program developer SenseHawk for $32 million.

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