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RIL to acquire SenseHawk majority stake

SenseHawk majority stack

Reliance to acquire SenseHawk majority stake

Mumbai: SenseHawk majority stake – Reliance Industries Ltd. (“RIL”), has signed official contracts to pay USD 32 million for the majority of SenseHawk Inc. (“SenseHawk”), including finance for future expansion, product commercialization, and R&D. 
SenseHawk, a 2018 startup based in California, creates software-based management tools for the solar energy producing sector. By assisting businesses in streamlining processes and utilising automation, SenseHawk helps solar projects move more quickly from the design stage to production. 
For their 600+ sites and assets totaling more than 100 GW, SenseHawk has assisted more than 140 customers in 15 countries in adopting new technology.

SenseHawk majority stake

SenseHawk will work in harmony with RIL’s other initiatives in New Energy to develop distinctive solutions that are more valuable to customers. 
Mr. Mukesh D. Ambani, Chairman and Managing Director of Reliance Industries Limited, commented on the acquisition by saying, “We welcome SenseHawk and its innovative crew to our family. By 2030, RIL hopes to enable 100 GW of solar energy, as part of its commitment to revolutionizing the green energy industry. In coordination with our vision for solar energy, we will lower costs, increase productivity, and boost on-time performance in partnership with SenseHawk to achieve the lowest LCoE for solar projects globally. It’s a tremendously fascinating technological platform, and I have no doubt that SenseHawk will expand greatly with RIL’s help. 
Rahul Sankhe, Karthik Mekala, Saideep Talari, and I collaborated with the goal 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 development and believes that working with RIL, one of the largest global infrastructure enterprises, will be strategically advantageous.

SenseHawk’s President and Co-Founder, Mr. Rahul Sankhe, added, “I second Swarup’s thoughts and believe this relationship will create new use cases, support our emerging markets, and deliver more value to customers across the solar lifecycle. With RIL as our partner, we will expedite the execution of our plan to improve the solar energy ecosystem and capture 50% of the market by 2025. 
The transaction is scheduled to close by the end of 2022, subject to a few regulatory requirements and other normal closing conditions.