The transaction is expected to be completed before 2022-end and is subject to regulatory and other customary closing conditions
Reliance Industries Ltd (RIL) has signed definitive agreements to acquire a 79.4 per cent stake in California-based solar energy management software developer SenseHawk Inc for a total transaction value of $32 million (about Rs 255.5 crore), including funding for future growth, commercial rollout of products, and R&D, according to a statement. It added that SenseHawk’s solar digital platform offers end-to-end management of solar asset lifecycles.
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“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 the statement.
RIL said the transaction is expected to be completed before 2022-end, subject to regulatory and other customary closing conditions, according to a BSE filing.
Mukesh Ambani, chairman and managing director of Reliance Industries Ltd, said, “We welcome SenseHawk and its dynamic team to our family. RIL is committed to revolutionising the green energy sector and has a vision to enable 100 GW (gigawatts) of solar energy by 2030.”
He added that in collaboration with SenseHawk, the company 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.”
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Swarup Mavanoor, CEO and co-founder of SenseHawk, 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.”
SenseHawk was founded in 2018. The company 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.
Its turnover for FY22, FY21 and FY20 stood at $2,326,369, $1,165,926, and $1,292,063, respectively.
SenseHawk has helped over 140 customers in 15 countries adopt new technology for their more than 600 sites and assets totalling over 100 GW.
Reliance is India’s largest private sector company, with a consolidated revenue of Rs 7,92,756 crore ($104.6 billion), cash profit of Rs 1,10,778 crore ($14.6 billion), and net profit of Rs 67,845 crore ($9 billion) for the year ended March 31, 2022. Reliance’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, renewables (solar and hydrogen), retail and digital services.
Currently ranking 104th, Reliance is the largest private sector company from India to feature in Fortune’s Global 500 list of “World’s Largest Companies” for 2022.
