Reliance Industries To Acquire 79.4 Per Cent Stake In US-Based Solar Software Startup SenseHawk For $32 Million

Mukesh Ambani led Reliance Industries Limited (RIL) on Tuesday (6 September) announced that it has entered into definitive agreements for acquiring 79.4 per cent stake in US-based SenseHawk, through primary infusion and secondary purchase, for a total consideration of $32 million.

Founded in 2018, SenseHawk is an early-stage California-based developer of software- based management tools for the solar energy generation industry.

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.

The turnover of SenseHawk for FY 2022, FY 2021 and FY 2020 was $2,326,369, $1,165,926, and $1,292,063 respectively, RIL said in a regulatory filing.

"Sensehawk, along with the other investments of the Company in New Energy, will be synergistic and create unique solutions with higher value to customers," the company said.

The transaction is subject to certain regulatory and other customary closing conditions and is expected to be completed before end 2022, it added.