In a BSE filing, Reliance Industries disclosed that it will be investing $ 32 million in a primary infusion and a secondary purchase that gave them a 79.4% controlling stake in the US company SenseHawk Inc.
California-based firm SenseHawk, founded in 2018, develops early-stage software-based management solutions for the solar energy industry. SenseHawk helps solar projects move more swiftly from the design stage to production by supporting businesses in optimising processes and utilising automation. The BSE filing states that it provides a seamless solar digital platform to manage a solar asset’s entire lifecycle.
The chairman and managing director of Reliance Industries, Mukesh Ambani, welcomed SenseHawk and its vivacious team into the company. As part of its commitment to transforming the green energy sector, RIL aspires to enable 100 GW of solar energy by 2030. To attain the lowest LCoE for solar projects globally, we will work with SenseHawk to reduce costs, raise productivity, and improve on-time performance in tandem with our aim for solar energy. It’s a technology platform that I find to be quite intriguing, and I have no doubt that with RIL’s support, SenseHawk will grow significantly.
Reliance Industries’ report states that SenseHawk earned $2,326,369, $1,165,926, and $1,292,063 in revenue for FY2022, FY2021, and FY2020, respectively.
Sensehawk will cooperate with the Company’s other New Energy initiatives to create unique solutions that are more advantageous to customers. The objectives and results of the aforementioned transaction are described in detail in the media release dated September 5, 2022 that has already been issued on this subject by the Company. The acquisition and the aforementioned companies are not related party transactions, according to the release, and none of RIL’s promoters, promoter groups, or group companies have any ownership holdings in them.
Rahul Sankhe, Karthik Mekala, Saideep Talari, and I collaborated with the aim of influencing all of the processes in the solar lifecycle, according to Swarup Mavanoor, CEO and Co-Founder of SenseHawk. We appreciate RIL’s confidence in us by making this investment, and we are grateful for it. The SenseHawk team is excited about this new phase in our growth and believes that working with RIL, one of the largest global infrastructure enterprises, will be strategically advantageous.
Subject to a few regulatory hurdles and other customary closing conditions, the deal is expected to completion by the end of 2022. Throughout this transaction, Deloitte, Khaitan & Co., and Covington & Burling LLP provided legal, accounting, and tax guidance to RIL.
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