(Credit: Canva Pro)Caelux, a company that harnesses perovskite technology to make solar energy efficient and affordable, has closed on a $12 million Series A3 funding round to enhance its technologies.
The newest funding, led by global investment firm Temasek, will assist with advancements in solar energy. This funding, combined with previous investments, totals $24 million, helping Caelux's efforts to bring its perovskite solar solutions to market.
By incorporating perovskites, Caelux is poised to deliver enhanced solar efficiency and cost-effectiveness. Perovskites, a titanium calcium oxide mineral, is an excellent choice for solar panels as the material absorbs light well. The Series A3 funding round, which attracted marquee investors such as Reliance New Energy Limited, Khosla Ventures, Mitsui Fudosan, and Fine Structure Ventures, emphasizes the newest fascination with perovskite technology within the renewable energy landscape.
The latest funding round assists Caelux with factory ramp-up, research and development, and product launch efforts, which ultimately helps the company be well-equipped to introduce its efficient solar platforms to the market.
Caelux said it aims to bring perovskite technology to a wider audience, and the construction of a manufacturing facility in Baldwin Park, California, will allow for wider distribution. This move allows the company to pave the way for deployment at scale, it said. The company has aspirations to reach a capacity of 100 megawatts of perovskite-coated glass.
According to Caelux, the company’s flagship product, Caelux One, has the potential to drive the solar industry toward new levels of efficiency. The company claims that Caelux One has more than 30% efficiency in commercial tandem solar modules, which Caelux indicates is a new benchmark for performance and durability. Its scalability, efficiency gains, and reliability enhancements promise reduced installation costs for stakeholders, higher revenues for module manufacturers, and greater returns on green energy projects.
