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Reliance Industries Ltd on Tuesday signed definitive agreements to acquire a majority stake in SenseHawk Inc for a total transaction value of $32 million, including funding for future growth, the commercial roll-out 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. SenseHawk helps accelerate solar projects from planning to production by helping companies streamline processes and use automation.
SenseHawk has helped more than 140 customers in 15 countries adopt new technology for around 600 sites and assets totalling more than 100 GW.
SenseHawk, along with RIL’s other investments in New Energy, will be synergistic and create unique solutions with higher value to customers.
The Reliance Industries Chairman and Managing Director, Mukesh D. Ambani, said: “We welcome SenseHawk and its dynamic team to our family. RIL is 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. It is an exciting technology platform and I am confident that with RIL’s support, SenseHawk will grow multifold.”
Swarup Mavanoor, CEO and Co-Founder, 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, one of the largest global infrastructure corporations, and look forward to this next phase in our growth.”
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