The Business Bytes
TBB BUREAU
MUMBAI, SEPT 06, 2022
Reliance Industries Ltd (RIL) has signed definitive agreements to acquire a majority stake in the US-based SenseHawk Inc for $32 million.
In a regulatory filing late Monday, Reliance Industries said it has inked an agreement to acquire majority stake in SenseHawk for $32 million including funding for future growth, commercial rollout of products, and research and development (R&D).
Founded in 2018, California-based SenseHawk is a developer of software-based management tools for the solar energy generation industry.
According to Reliance Industries, SenseHawk helps accelerate solar projects from planning to production by helping companies streamline processes and use automation, Reliance Industries said.
SenseHawk’s Solar Digital Platform offers end-to-end management of solar asset lifecycles. Customers see value with SenseHawk in Pre-construction evaluation and process optimization, Construction management, and Operations and maintenance.
SenseHawk, along with RIL’s other investments in New Energy, will be synergistic and create unique solutions with higher value to customers, RIL said in a statement.
The transaction is subject to certain regulatory and other customary closing conditions and is expected to complete before end 2022.
Speaking about the acquisition, RIL Chairman & Managing Director Mukesh D. Ambani said, “We welcome SenseHawk and its dynamic team to our family. RIL is committed to revolutionize 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. It is a very exciting technology platform and I am confident that, with RIL’s support, SenseHawk will grow multifold.”
Commenting on the partnership, SenseHawk CEO & Co-Founder Swarup Mavanoor said, “We are delighted with the confidence that RIL has demonstrated in us with this investment. The SenseHawk 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.”
“We are on a mission to improve the solar energy ecosystem, acquiring 50% of the market by 2025 and with RIL as our partner, we will accelerate on our execution toward that goal,” said Rahul Sankhe, President and Co-Founder, SenseHawk.
