Reliance Industries takes majority stake in US-based company for Rs 2.5 billion: Details

Reliance Industries Ltd (RIL), has signed definitive agreements to acquire a majority stake (79.4%) in SenseHawk Inc (SenseHawk) for a total transaction value of $32 million (Rs 2,55,48,96,000), including funding for future growth, commercial rollout of products, and R&D. The stake purchase is part of the company’s aggressive push into the renewable energy sector, which aims to produce 100 GW of solar energy by 2030. “SenseHawk, along with RIL’s other investments in New Energy, will be synergistic and create unique solutions with higher value to customers,” said the company in a statement
What does SenseHawk do
Founded in 2018, SenseHawk is an early-stage US-based developer of software-based management tools for the solar energy generation industry. SenseHawk develops tools for the solar industry to help companies streamline processes and use automation. The company generated $2.3 million in turnover in its financial year 2022.

SenseHawk helps accelerate solar projects from planning to production by helping companies streamline processes and use automation. The company claims to have helped 140+ customers in 15 countries adopt new technology for their 600+ sites and assets totalling 100+ GW.
The transaction is subject to certain regulatory and other customary closing conditions and is likely to complete before the end 2022.
Management speak
Speaking about the acquisition, 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. It is a very exciting technology platform and I am confident that, with RIL’s support, SenseHawk will grow multifold.”
Commenting on the partnership, Swarup Mavanoor, CEO and Co-Founder, SenseHawk, said, “Rahul Sankhe, Karthik Mekala, Saideep Talari, Viral Patel and I collaborated with a vision to impact all of the processes in the solar lifecycle. 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, as one of the largest global infrastructure corporations, and look forward to this next phase in our growth.”

Source link

About manashjyoti

Check Also

Rog Phone: Asus to launch ROG Phone 7 soon: All details

Taiwan-based laptop manufacturer Asus is set to expand its gaming smartphone portfolio in India soon. …

Leave a Reply

Your email address will not be published. Required fields are marked *