California, USA-based pioneer in utilizing perovskites to make solar energy more powerful and cost-effective, enabling the next generation of solar innovation, Caelux raised USD 12 million in Series A3 funding. The company announced the closure on August 13, 2023. The global investment company Temasek led the financing for the firm. Meanwhile, Reliance New Energy Limited, Khosla Ventures, Mitsui Fudosan, and Fine Structure Ventures joined in the fundraise. So far, the company’s total Series A financing amounts to USD 24 million.
Purpose of financing for Caelux
With the latest financing, Caelux seeks to fund the development of its factory ramp. It also has plans to invest in research and development efforts. Meanwhile, the company aims to fund the product launch, allowing the company to bring its more powerful, efficient, and affordable solar solution to market at a critical time of pressing environmental challenges.
What the company’s official has to add
Scott Graybeal, CEO of Caelux, further added, “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. 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.”
What the investors have to comment
Shyam Kamadolli, Managing Director at Fine Structure Ventures, further added, “Caelux is unlocking the promise of perovskite solar cells. 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. Our mission is to shape the solar energy industry and drive sustainable energy solutions for a better tomorrow.”
In addition, Rajesh Swaminathan, Partner at Khosla Ventures, said, “Caelux’s approach to improving efficiencies by incorporating perovskites on glass is a bold. It is a practical way to drive solar costs down & accelerate renewables growth. 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.”
About the company
John Iannelli in 2014 launched the company. Caelux is the leader in the emerging science of perovskites, a special class of nanomaterials. Its flagship product, Caelux™ One, is an innovative product. The product integrates seamlessly into existing PV module manufacturing processes, boosting performance, reducing installed costs, as well as accelerating the proliferation of solar.
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