Reliance Industries to acquire 79% stake in SenseHawk for $32m
Reliance Industries Limited (RIL) has agreed to acquire a stake of 79.4% in SenseHawk, a California-based start-up that develops software-based management tools for the solar energy generation industry.
The consideration of the deal is $32 million, which covers funding for future growth, commercial launch of products, and research and development (R&D).
SenseHawk is said to expedite solar power projects from planning to production by enabling companies in optimizing processes and using automation.
The energy software start-up provides a solar digital platform to handle the end-to-end solar asset lifecycle. Its turnover for FY 2021 was $1,165,926.
Swarup Mavanoor — SenseHawk CEO and Co-Founder said: “Rahul Sankhe, Karthik Mekala, Saideep Talari, Viral Patel and I collaborated with a vision to impact all of the processes in the solar lifecycle. 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.”
Established in 2018, SenseHawk has worked with over 140 customers across 15 countries in adopting new technology for their 600 plus sites and assets totalling over 100GW.
Mukesh D. Ambani — Reliance Industries Chairman and Managing Director 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.”
The deal, which is subject to regulatory and other conditions, is likely to close by the end of this year.