Caelux Announces $12M to Fund Next-Generation Solar Innovation with Perovskite Technology

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Aug 14, 2023, 08:00 ET

Marquee Investors Bring Series A Funding Round to $24 Million

PASADENA, Calif., Aug. 14, 2023 /PRNewswire/ -- Caelux, a pioneer in utilizing perovskites to make solar energy more powerful and cost-effective, enabling the next generation of solar innovation, today announced the closure of a $12M Series A3 funding round led by Temasek, a global investment company, with participation from Reliance New Energy Limited, Khosla Ventures, Mitsui Fudosan, and Fine Structure Ventures.

This round brings the company's total amount raised for the Series A to $24 million. The funding will be allocated primarily to support the company's factory ramp, research and development, and product launch, allowing Caelux to bring its more powerful, efficient, and affordable solar solution to market at a critical time of pressing environmental challenges.

The investment follows Caelux's advancements in perovskite technolog y, creating a more near-term solution than previously thought possible and allowing for imminent deployment at scale. To bring this innovation to market, the company is building a manufacturing facility in Baldwin Park, California, and ramping up to reach 100MW of perovskite-coated glass.

"This funding round is a testament to the groundbreaking work we are doing at Caelux. Our advances in perovskite technology represent a seismic shift in the solar energy industry, providing more powerful, efficient, and cost-effective solar solutions," said Scott Graybeal, CEO of Caelux. "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."

The company's full-release product, Caelux™ One will be a major step forward in realizing the industry goal of greater than 30% efficient commercial tandem solar modules while meeting market requirements for durability. The advancements in scalability, efficiency, and reliability will lead to lower installation costs for developers and installers, increased revenue for module makers, and better returns at the project level by delivering more green energy at a lower cost compared to traditional crystalline silicon modules.

"Caelux is unlocking the promise of perovskite solar cells," said Shyam Kamadolli, Managing Director at Fine Structure Ventures. "The company combines disruptive advancements in efficiency, reliability, and manufacturability to overcome the limitations the industry has encountered to date. We are thrilled to be working with Caelux to shape the solar energy industry and drive sustainable energy solutions for a better tomorrow."

"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."

To learn more about Caelux, visit www.caelux.com.

About Caelux:

Caelux's proprietary technologies improve the performance of any new crystalline silicon module, making solar energy more powerful and cost-effective. Headquartered in Pasadena, California, Caelux is at the forefront of the emerging science of perovskites, a special class of nanomaterials. Its flagship product, Caelux™ One, is an innovative product that integrates seamlessly into existing PV module manufacturing processes, boosting performance, reducing installed costs, and accelerating the proliferation of solar. For more information, visit www.caelux.com or connect on LinkedIn or Twitter.

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SOURCE Caelux