Caelux Corporation, a company developing perovskite-based solar technology to enhance module efficiency, closed a $12 million Series A3 funding round, bringing the total Series A funding raised to $24 Million.
The round was led by Temasek, a global investment company, with participation from Reliance New Energy Limited, Khosla Ventures, Mitsui Fudosan, and Fine Structure Ventures.
“This investment will support our mission to usher in the next generation of solar innovation, including our production of full-size perovskite sub-modules. We are excited to have attracted visionary, global investors to help us on our journey to multi-gigawatt scale,” said Scott Graybeal, CEO of Caelux.
“Caelux’s approach to improving efficiencies by incorporating perovskites on glass is a bold and practical way to drive solar costs down & accelerate renewables growth,” said Rajesh Swaminathan, Partner at Khosla Ventures. “As an early backer of Caelux, we have been impressed with their progress from early technology development to building a pilot line with support from world-class partners and investors.”
In September 2022, Reliance New Energy (RNEL), a wholly-owned subsidiary of Reliance Industries, acquired a 20% stake for $12 million in Caelux. The partnership is expected to help Reliance produce higher efficiency and low-cost solar modules at its Jamnagar, Gujarat, India-based gigafactory, where an integrated photovoltaic plant is being set up.
According to Mercom’s 1H and Q2 2023 Solar Funding and M&A Report, In 1H 2023, global VC funding activity rose 3% YoY, with $3.8 billion in 33 deals compared to $3.7 billion in 53 deals in the first half of 2022.