Reliance Industries to acquire majority stake in U.S. solar digitisation platform SenseHawk for $32 million
The Hindu
SenseHawk is an early-stage California-based developer of software-based management tools for the solar energy generation industry
Reliance Industries Ltd (RIL) said it has signed definitive agreements to acquire a majority stake in SenseHawk Inc. for a total transaction value of $32 million, including funding for future growth, commercial rollout 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.
With customers throughout the solar asset lifecycle in the US, EMEA, APAC, and SEA, SenseHawk offers an Solar Digitisation Platform (SDP) SaaS for process optimisation, automation, and asset information management.
SenseHawk, along with RIL’s other investments in new energy sector will be synergistic and create unique solutions with higher value to customers, RIL said in a statement.
Mukesh D. Ambani, Chairman and Managing Director, RIL said, “We are 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,” he said.
“It is a very exciting technology platform and I am confident that, with RIL’s support, SenseHawk will grow multifold,” he added.
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