Caelux

About Caelux

Caelux Corporation operates at the materials science frontier, developing perovskite-based technologies to enhance the efficiency and cost-effectiveness of solar energy. Founded in 2014 as a spin-out from the California Institute of Technology (Caltech), the company is the brainchild of John Iannelli, an experienced technology executive who previously worked in venture capital at Khosla Ventures. His background in renewable energy and solid-state lighting spurred the creation of Caelux to improve crystalline silicon module performance with nanomaterials. The company is now led by CEO Scott Graybeal, a veteran executive with extensive experience in the solar, semiconductor, and technology sectors, including leadership roles at Flex Ltd, where he significantly grew its Energy Solutions division. Graybeal's experience in scaling hard-tech businesses and his background as a certified nuclear engineering officer in the U.S. Navy complement the company's technical focus.

The company's business model is centered on partnership with existing solar panel manufacturers rather than competing with them. Caelux does not produce its own solar panels; instead, it receives solar glass on consignment from module manufacturers. At its Baldwin Park, California, facility, Caelux applies a proprietary, micron-thin film stack of perovskite material onto this glass, transforming it into an active component. This 'perovskite active glass' is then shipped back to the manufacturers to be integrated into their existing assembly lines with minimal process changes. This B2B approach allows module companies to boost their products' performance and qualify for U.S. manufacturing tax credits, as Caelux's product is considered a U.S.-made solar cell.

Caelux's flagship product, Caelux™ One, is designed to significantly increase the power output of standard crystalline silicon solar modules. By layering the perovskite-coated glass on top of a traditional silicon cell, the technology creates a tandem, or hybrid, module. The perovskite layer absorbs high-energy light, while the underlying silicon cell captures the rest of the solar spectrum. This unique 'four-terminal' architecture, where the two layers act as separate, parallel generators, allows for a relative efficiency boost of 20% to 30%. This means a standard 23% efficient module could be elevated to nearly 29% efficiency. This structure also circumvents common degradation issues found in integrated two-terminal designs, as the layers are electrically isolated and their degradation rates do not affect each other. The company has received significant financial backing from investors including Khosla Ventures, Temasek, Reliance New Energy, and Mitsui Fudosan to scale its production to a 100MW capacity.