Scott Graybeal, CEO of Caelux: $70 Million Raised to Transform Solar Energy with Perovskite Technology

Caelux is revolutionizing solar technology with their innovative perovskite-based solution that promises to increase solar panel efficiency by 5-6 absolute percentage points while maintaining cost effectiveness. From a small 8-person lab in East Pasadena to a 74-person company with a 50-megawatt demonstration line, Caelux is pioneering a new approach to solar panel manufacturing by working with existing manufacturers rather than competing against them.

Topics Discussed:

• Evolution of the solar industry from 2008 to present day

• Strategic approach to commercializing new solar technology

• Impact of global market dynamics on solar panel pricing

• Energy security and domestic manufacturing trends

• Challenges in land use and solar adoption

• Future applications of perovskite technology

 

GTM Lessons For B2B Founders:

• Partner with giants instead of competing: Caelux chose to work with existing solar panel manufacturers rather than becoming a panel maker themselves. Scott explained, "The way to go and get this technology in the market embedded to the extent that it needed to be was to work with solar module companies, make their products better, and then we would have cheerleaders as opposed to competitors." This approach dramatically reduced their time to market and capital requirements.

• Use manufacturing as a development tool: Rather than staying in the lab indefinitely, Caelux leverages manufacturing assets for product development. Scott noted, "While folks can run maybe a couple dozen experiments a day, we can run hundreds of experiments a day by using manufacturing assets that then translate quite easily into this fully released product." B2B founders should consider how production infrastructure can accelerate their development cycle.

• Build downstream demand strategically: Caelux focuses on engaging asset owners and developers who will be the ultimate beneficiaries of their technology. Scott shared, "We want them to spec us in for next project. So even if module companies may be a little slow to adopt, we want to ensure that the folks that are writing the checks understand what's available." This creates market pull for their technology.

• Master expectation management: When deploying new technology, Caelux is deliberately transparent about potential challenges. Scott emphasized, "If anything, we're a bit too transparent. We tell people where the warts are and we say where the challenges are and own them. Because otherwise I think you're lying to yourself as a company and you certainly don't want to lie to customers. You get zero chances after that."

• Navigate the climate tech funding landscape: Scott revealed that true climate tech investors are rare, and many prefer speculative moonshots over companies with clear markets. He advised, "Mistakes need to be made because those are part of the learning cycle. It's just don't make company killer mistakes. Make small ones and then recover from them and then you can continue to evolve your product."

 

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