Reliance Industries gained majority 79.4% stake in SenseHawk, for $32 million

According to a BSE filing, Reliance paid $ 32 million for a primary infusion and secondary purchase that resulted in the acquisition of a 79.4% majority stake in SenseHawk Inc.

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Reliance Industries has acquired a 79.4% stake in US-based SenseHawk Inc through primary infusion and secondary purchase for $ 32 million, according to a BSE filing.

SenseHawk, based in California, is an early-stage developer of software-based management tools for the solar energy generation industry. SenseHawk helps companies streamline processes and use automation to accelerate solar projects from planning to production. According to the BSE filing, it provides a seamless solar digital platform for managing the end-to-end solar asset lifecycle.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, stated, “We welcome SenseHawk and its dynamic team to our family.” RIL is dedicated to revolutionising the Green Energy sector, with a goal of enabling 100 GW of solar energy by 2030. We will drive down costs, increase productivity, and improve on-time performance in collaboration with SenseHawk to deliver the lowest LCoE for solar projects globally and make solar energy the go-to source of power in line with our vision for solar energy. It’s a very exciting technological platform, and I’m confident that with RIL’s support, SenseHawk will expand exponentially.”

According to Reliance Industries’ filing, SenseHawk’s revenue for FY2022, FY2021, and FY2020 was US$ 2,326,369, US$ 1,165,926, and US$ 1,292,063 respectively.

Sensehawk, along with the Company’s other investments in New Energy, will be synergistic and create unique solutions with higher customer value. The objects and effects of the aforementioned acquisition are explained in the Company’s media release dated September 5, 2022. According to the release, the acquisition does not fall under related party transactions, and none of RIL’s promoters/promoter group/group companies has any interest in the aforementioned entities.

The transaction is subject to customary regulatory and other closing conditions and is expected to close before the end of 2022.