NEW DELHI: Reliance Industries Ltd (RIL) acquired a majority stake in SenseHawk Inc for a transaction value of $32 million, including funding for future growth, commercial rollout of products and research & development.
RIL said the transaction is subject to certain regulatory and other customary closing conditions and is expected to complete before the end 2022. “RIL is committed to revolutionising the green energy sector and has a vision to enable 100 GW of solar energy by 2030,” said Mukesh Ambani, Chairman and
Managing Director of RIL.
“In collaboration with SenseHawk, we will drive down costs, enhance productivity and improve on-time performance to deliver the lowest LCoE (levelized cost of energy) for solar projects globally and make solar energy the go-to source of power in lockstep with our vision for solar energy. It is a very exciting technology platform and I am confident that, with RIL’s support, SenseHawk will grow multifold.”
Founded in 2018, SenseHawk is an early-stage California-based developer of software-based management tools for the solar energy generation industry. The company helps accelerate 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.