RIL picks up 20% in US-based solar energy co Caelux for $12-M

US-based Reliance Industries Ltd (RIL), via its 100% subsidiary Reliance New Energy Ltd (RNEL), is to pick up a 20% stake in Pasadena, CA, USA-based solar energy technology firm Caelux Corporation for USD 12 million. Caelux's proprietary technology improves the performance of any new crystalline silicon module that helps make solar energy more powerful and cost effective. Caelux is a spin-out from the California Institute of Technology (Caltech) and is backed by well-known Silicon Valley-based VC investor Vinod Khosla founded Khosla Ventures. Reliance is setting up a global scale integrated photovoltaic Giga factory at Jamnagar, Gujarat. Through this investment, Reliance will be able to produce more powerful and lower cost solar modules leveraging Caelux's products.