$12 Mn Investment Closed by Reliance & Others in California’s Perovskite Solar Firm Caelux

$12 Mn Investment Closed by Reliance & Others in California's Perovskite Solar Firm Caelux

California-based firm, Caelux, which employs perovskite technology for solar energy, has pocketed $12M in Series A3 funding. The said round raised the cumulative amount to $23 million. The round augmented the cumulative amount to $23M.

The investment round was led by Temasek and also saw participation from Reliance New Energy Limited, Khosla Ventures, Mitsui Fudosan, and Fine Structure Ventures.

The firm said it will put the funding to use by ramping up its unit and giving an impetus to research and development. The funding will also help with product launch and offer solar solution to market.

Caelux is in the process of establishing a manufacturing unit in Baldwin Park, California and has set sights on achieving 100 MW of perovskite-coated glass.

“This investment will support our mission to usher in the next generation of solar innovation, including our production of full-size perovskite sub-modules,” stated Scott Graybeal, CEO, Caelux. “We are excited to have attracted visionary, global investors to help us on our journey to multi-gigawatt scale,” he concluded.

The US government has lately introduced a slew of policy initiatives that are fast-driving the solar industry in the US. Among these, the Inflation Reduction Act has particularly been a contributing factor. The U.S. Department of Energy Solar Energy Technologies Office is also giving a push to research and development projects that aid with the efficiency and lifetime of hybrid organic-inorganic perovskite solar cells. This will help accelerate the commercialization of perovskite solar technologies while also bringing down manufacturing costs.

It may be recalled that Singapore’s Temasek had recently announced investing INR 1,200 crore in Mahindra Electric Automobile Ltd (MEAL), which is the Electric Vehicle (EV) subsidiary of Mahindra & Mahindra.

Last year in September, Reliance New Energy Ltd had signed definitive agreements to invest in Caelux Corporation.