Reliance Industries Ltd has today signed definitive contracts 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.
SenseHawk, a US-based, Solar Digitization Platform (SDP) with customers throughout the solar asset lifecycle in the US, EMEA, APAC, and SEA. Founded in 2018, a developer of software-based management tools for the solar energy generation industry. SenseHawk helps accelerate solar projects from planning to production by assisting businesses in streamlining processes and using automation.
The transaction is subject to certain regulatory and other customary closing conditions and is expected to complete within this year. SenseHawk has served clients in different countries to adopt new technology.
Speaking about the 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. It is a very exciting technology platform and I am confident that, with RIL’s support, SenseHawk will grow multifold.”
Commenting on the partnership, Mr. 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.”
Adding to that, Mr. Rahul Sankhe, President and Co-Founder, SenseHawk, said, “I second Swarup’s feelings and believe this partnership will open new use cases, help our nascent markets, and offer higher value to customers across the solar lifecycle. We are on a mission to improve the solar energy ecosystem, acquiring 50% of the market by 2025 and with RIL as our partner, we will accelerate on our execution toward that goal.”