RIL to buy major stake in SenseHawk

6 Sep 2022 , 08:34 AM

Reliance Industries (RIL), has signed definitive agreements to acquire a 79.4% stake in SenseHawk Inc (?SenseHawk?) for a total transaction value of $32 million, including funding for future growth, commercial rollout of products, and R&D. SenseHawk is a Solar Digitization Platform (SDP) with customers throughout the solar asset lifecycle in the US, EMEA, APAC, and SEA. SenseHawk offers an SDP Software as a service (or SaaS)for process optimization, automation, and asset information management. SenseHawk helps accelerate solar projects from planning to production by helping companies streamline processes and use automation. It provides a seamless solar digital platform to manage the end-to-end solar asset lifecycle. SenseHawk has helped 140+ customers in 15 countries adopt new technology for their 600+ sites and assets totalling 100+ GW. The turnover of SenseHawk for FY 2022, FY 2021 and FY 2020 was $2,326,369, $1,165,926, and $1,292,063 respectively. SenseHawk, along with RILs other investments in New Energy, will be synergistic and create unique solutions with higher value to customers, RIL said in a statement. Mukesh D. Ambani, chairman and managing director, RIL, 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 RILs support, SenseHawk will grow multifold.? The transaction is subject to certain regulatory and other customary closing conditions and is expected to complete before end 2022. RIL is Indias largest private sector company. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services. RIL reported 40.8% increase in consolidated net profit to Rs 19,443 crore on 56.7% increase in net sales to Rs 2,19,304 crore in Q1 June 2022 over Q1 June 2021. Shares of RIL rose 1.60% to Rs 2570.25 on Monday, 5 September 2022. Powered by Capital Market – Live News