Highlight
- SenseHawk is a service provider for the solar power generation industry
- The value of the deal includes funding for future development, commercial rollout of products, and R&D.
- Senshawk’s turnover for the fiscal year 2022 was US$ 2,326,369
Reliance Industries has signed agreements to acquire a majority stake of 79.4 per cent in Senshawk, a service provider for the solar power generation industry.
Founded in 2018, SenseHawk is a California-based early-stage developer of software-based management tools for the solar power generation industry. SenseHawk helps companies accelerate solar projects from planning to production by helping companies streamline processes and use automation.
The deal is valued at USD 32 million, which includes funds for future development, commercial rollout of products and research and development (R&D), Reliance said in a regulatory filing to stock exchanges on Monday.
SenseHawk has helped more than 140 customers in 15 countries adopt new technology for their more than 600 sites and over 100 GW of assets.
SenseHawk’s turnover for the fiscal 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 revolutionize the green energy sector and has a vision to enable 100 GW of solar power by 2030. In collaboration with Sensehawk, we will reduce costs, increase productivity and improve performance on time Mukesh Ambani, Chairman and Managing Director, Reliance Industries said, Make solar power a source of electricity with our vision for the lowest LCOE and solar power for solar projects globally.
“This is a very exciting technology platform and I am confident that with the support of RIL, Senshawk will grow manifold,” Ambani said.
However, the transaction is subject to certain regulatory and other customary closing conditions and is expected to be completed before the end of 2022.
“We are pleased with the confidence that RIL has bestowed upon us with this investment. The Senshawk team expects strategic value in working with RIL, one of the largest global infrastructure corporations, and our Looking forward to this next stage in development,” said. Swaroop Mavanur, CEO and co-founder of Sensehawk.
(with inputs from ANI)