Indian conglomerate Reliance Industries Limited (RIL) has signed definitive agreements to obtain a significant stake in SenseHawk for a total transaction value of $32 million. The transaction includes funding for future growth, product commercialisation, and research and development. The transaction is subject to certain regulatory and other customary closing conditions and is expected to complete before end 2022.
Speaking on this acquisition, Mr. Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited, 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.”
SenseHawk, incorporated in 2018 is a California-based early-stage developer of software-based management solutions for the solar energy generation industry. The company has operations in the US, United Arab Emirates, and India. The software digitisation platform (SDP) of the company helps in process optimisation, automation, and asset information management. Throughout the solar lifecycle, the SDP enables yield improvement, defect identification, progress monitoring, productivity enhancement, cost reduction, collaboration, and data management.
REGlobal’s Views: Reliance is a new player in the renewable energy arena and has predominantly operated in the oil and gas space. With the massive growth expected in the clean energy space, the company is focusing extensively on renewable energy expansion through both organic and inorganic routes. The company is now planning to operate in a variety of clean energy verticals like solar power, solar module manufacturing, green hydrogen and fuel cells, electric mobility and others.