“Reliance is setting up a global scale integrated photovoltaic Giga factory at Jamnagar, Gujarat. Through this investment and collaboration, Reliance will be able to produce more powerful and lower cost solar modules leveraging Caelux’s products,” the filing adds.

Commenting on the development, Mukesh Ambani, Chairman and Managing Director, Reliance Industries says, “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. We will work along with the team at Caelux to accelerate its product development and commercialisation of its technology,” he says.

Scott Graybeal, CEO of Caelux Corporation, says, “Caelux is proud to have Reliance as a lead investor as we move to the next phase of our development and are grateful for Khosla Ventures’ support of the company over the years. 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. We look forward to demonstrating the future of solar power at a scale as we support Reliance’s global expansion plans and product roadmap.”

Mukesh Ambani, in his address to shareholders at the company's 45th annual general meeting last month, announced setting up a Giga Factory in Gujarat for photovoltaic panels, energy storage, green hydrogen, and for fuel cell systems. Earlier this year, the conglomerate had signed an agreement with the Gujarat government to invest ₹5.95 lakh crore in green energy projects as well as other existing and new ventures across the state. The Memorandum of Understanding was signed with the state government as part of Investment Promotion Activity for Vibrant Gujarat Summit 2022.

Following the announcement, the share price of Reliance Industries was trading 0.65% lower at ₹2,469.65, in sync with the broader market. The BSE benchmark Sensex was down 600 points to 58,519 levels, with 18 of its shares floating in negative terrain, led by Power Grid Corporation, M&M, HDFC, Axis Bank, and IndusInd Bank.

Reliance Giga factory in Gujarat

Reliance New Energy buys 20% stake in U.S.-based Caelux; stock down 1%