Reliance Industries has signed agreements to acquire a majority stake of 79.4 per cent in SenseHawk, a service provider for the solar energy generation industry.
Founded in 2018, SenseHawk is an early-stage California-based developer of software-based management tools for the solar energy generation industry. SenseHawk helps accelerate solar projects from planning to production by helping companies streamline processes and use automation.
The deal value is worth USD 32 million, including funding for future growth, commercial rollout of products, and research and development (R&D), Reliance said in a regulatory filing to the stock exchanges on Monday.
SenseHawk has helped over 140 customers in 15 countries adopt new technology for their over 600 sites and assets totalling over 100 gigawatts.
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The turnover of SenseHawk for financial years 2022, 2021 and 2020 was USD 2,326,369, USD 1,165,926, and USD 1,292,063, respectively.
“RIL (Reliance Industries) is committed to revolutionising the Green Energy sector and has the 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,” said Mukesh Ambani, Chairman and Managing Director, Reliance Industries.
“It is a very exciting technology platform and I am confident that, with RIL’s support, SenseHawk will grow multifold,” Ambani said.
The transaction, however, is subject to certain regulatory and other customary closing conditions and is expected to complete before the end of 2022.
“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,” said Swarup Mavanoor, CEO and Co-Founder of SenseHawk.