Reliance Industries (RIL) will obtain 79% stake in SenseHawk, a California-based software developer for the solar energy sector, for $32 million. The deal is part of RIL’s broader play in renewable energy, an area in which it last year announced plans to invest £7.5 billion.
SenseHawk helps solar energy companies to streamline processes and use automation. The company had a turnover of $2.3 million in fiscal 2022. RIL said SenseHawk, along with its other investments in new energy, will be “synergistic and create unique solutions with higher value to customers”. RIL is yet to report new energy as a separate business segment in its financial results.
The SenseHawk deal is subject to regulatory and other customary closing conditions and is expected to be completed before the end of this year. The US company has helped more than 140 customers in 15 countries adopt new technology for their 600-plus sites and assets totalling 100-plus GW.
Mukesh Ambani, RIL chairman said, “We welcome SenseHawk to our family. RIL is committed to revolutionising the green energy sector and has a vision to enable 100GW of solar energy by 2030.”
One of SenseHawk’s founders Rahul Sankhe said, “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 our execution toward that goal.” Besides Sankhe, the other founders of SenseHawk are Swarup Mavanoor, Karthik Mekala, Saideep Talari, and Viral Patel.