Reliance Industries Ltd (RIL) said it has signed definitive agreements to acquire a majority stake in SenseHawk Inc. for a total transaction value of $32 million, including funding for future growth, commercial rollout of products, and R&D.
Founded in 2018, SenseHawk is an early-stage California-based developer of software-based management tools for the solar energy generation industry, reports the Hindu.
With customers throughout the solar asset lifecycle in the US, EMEA, APAC, and SEA, SenseHawk offers a Solar Digitisation Platform (SDP) SaaS for process optimisation, automation, and asset information management.
SenseHawk, along with RIL’s other investments in the new energy sector will be synergistic and create unique solutions with higher value to customers, RIL said in a statement.
Mukesh D Ambani, chairman, and managing director, RIL said, “We are committed to revolutionise the Green Energy sector and has a vision to enable 100 GW of solar energy by 2030.”
“In collaboration with SenseHawk, we will drive down costs, enhance productivity and improve on-time performance to deliver the lowest LCoE for solar projects globally and make solar energy the go-to source of power in lockstep with our vision for solar energy,” he said.
“It is a very exciting technology platform and I am confident that, with RIL’s support, SenseHawk will grow multifold,” he added.
Swarup Mavanoor, CEO and Co-Founder, SenseHawk, “Our team foresees strategic value in working with RIL, as one of the largest global infrastructure corporations, and look forward to this next phase in our growth.”
The transaction is expected to complete before end 2022.