Reliance Industries Ltd have 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.
SenseHawk, along with RIL’s other investments in New Energy, will be synergistic and create unique solutions with higher value to customers. California-based SenseHawk is an early-stage developer of software-based management tools for the solar energy generation industry.
The company helps in accelerating solar projects, from planning to production, by helping companies streamline processes and use automation. So far, the company has helped 140-plus customers in 15 countries adopt new technology for their 600-plus sites and assets totalling 100+ GW.
Swarup Mavanoor, CEO and Co-Founder, SenseHawk, said, “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.”
The Reliance Industries Chairman and Managing Director, Mukesh D. Ambani, said, “We welcome SenseHawk and its dynamic team to our family. 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.”
