sensehawk: Reliance Industries acquires 79.4% of US company SenseHawk for $32 million
Founded in 2018, SenseHawk is an early California developer of software-based management tools for the solar generation industry.
SenseHawk helps accelerate solar projects from planning to production by helping companies streamline processes and use automation. Provides a solar digital platform for comprehensive solar asset lifecycle management. SenseHawk sales for fiscal year 2022, 2021 and 2020 were $2,326,369, $1,165,926, and $1,292,063, respectively, according to a RIL filing Tuesday.
Sensehawk, along with the company’s other investments in new energy, will work to synergize and create unique solutions with higher value for customers. “The objectives and implications of the aforementioned acquisition have been clarified in the media statement dated September 5, 2022 that the company has already provided on the matter,” said RIL President Mukesh Ambani.
Ambani, who manages RIL’s old fossil fuel business to renewable energy business, last June revealed plans for a 5,000-acre Dhirubhai Ambani Green Energy Giga Complex in Jamnagar, Gujarat, to create and deliver a fully integrated and definitive complex. Ending the renewable energy ecosystem with plans to invest $10 billion over three years.
Last month, Ambani announced plans to build a massive power electronics factory.
RIL said the acquisition of SenseHawk is not a related party transaction, and none of the RIL promoter/promoter/group companies have any interest in the aforementioned entities.
It added that the deal is subject to some other regulatory and customary closing conditions, and is expected to be completed before the end of 2022.
Rahul Sanki, President and Co-Founder of SenseHawk, said, “We are on a mission to improve the solar ecosystem, capturing 50% of the market by 2025 and with RIL as our partner, we will accelerate our implementation towards this goal.”