Reliance New Energy Limited to invest in Caelux Corporation

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Mumbai, September 23, 2022: Reliance New Energy Limited (“RNEL”), a wholly owned
subsidiary of Reliance Industries Ltd (“Reliance”), has today signed definitive agreements to
invest in Caelux Corporation (“Caelux”), a company headquartered in Pasadena, California, in
the United States of America, engaged in the development of perovskite-based solar
technology. RNEL will invest USD 12 million to acquire 20% stake in Caelux.
This investment will accelerate product and technology development for Caelux, including
construction of its pilot line in the United States, for expediting the commercial development of
its technology. RNEL and Caelux have also entered into a strategic partnership agreement for
technical collaboration and commercialization of Caelux’s technology.
Caelux is an industry leader in the research and development of perovskite-based solar
technology. Its proprietary technology enables high efficiency solar modules that can produce
20% more energy over the 25-year lifetime of a solar project at significantly lower installed cost.
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.
Speaking about this investment, Mr. Mukesh D. Ambani, Chairman and Managing
Director, Reliance Industries Limited, said, “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 next leg of innovation in crystalline solar modules. We will work along with team
at Caelux to accelerate its product development and commercialization of its technology.”
Mr. Scott Graybeal, CEO of Caelux Corporation, said, “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.”

Mr. Vinod Khosla, Khosla Ventures, said, “Caelux’s ‘perovskite on glass’ architecture is the
innovation the solar industry needs to significantly reduce costs and accelerate renewables
penetration. As an early backer of Caelux, we have been impressed with their technical
progress and are excited to continue working with them as they embark on their commercial
journey with Reliance.”
The transaction will not require any regulatory approval and is expected to be completed by end
of September 2022, subject to satisfaction of any condition’s precedent.

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