Reliance Industries Ltd. has revealed plans to buy a majority stake in SenseHawk. It has signed a definitive agreement to acquire 79.4% of the California-based company for $32 million by the end of this year.
SenseHawk, founded in 2018, develops software-based tools for solar asset management. It accelerates solar projects from planning to production by helping companies to streamline processes and use automation. Reliance Industries, which recorded a net profit of $9 billion in fiscal 2021-22, said the investment will support SenseHawk’s future growth and R&D.
“In collaboration with SenseHawk, we will drive down costs, enhance productivity and improve on-time performance to deliver the lowest [levelized cost of electricity] for solar projects globally, and make solar energy the go-to source of power in lockstep with our vision for solar energy,” said Mukesh D. Ambani, chairman and managing director of Reliance Industries.
SenseHawk has helped more than 140 customers in 15 countries to adopt new technology at more than 600 sites, with total assets surpassing 100 GW. Its Solar Digital Platform offers end-to-end management of the solar asset lifecycle.
“This partnership will open new use cases, help our nascent markets, and offer higher value to customers across the solar lifecycle,” said Rahul Sankhe, the president and co-founder of SenseHawk. “We are on a mission to improve the solar energy ecosystem, acquiring 50% of the market by 2025.”
Covington & Burling LLP and Khaitan & Co. are acting as legal advisers on the deal. Deloitte is serving as the accounting and tax adviser to Reliance Industries on the transaction.
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