JAMMU, Sept 6: Reliance Industries Limited (RIL) has today signed definitive agreements to acquire a majority stake in SenseHawk Inc (“SenseHawk”) for a total transaction value of USD 32 million, including funding for future growth, commercial rollout of products, and R&D.
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.
SenseHawk has helped 140 plus customers in 15 countries adopt new technology for their 600 plus sites and assets totalling 100+ GW.
SenseHawk, along with RIL’s other investments in New Energy, will be synergistic and create unique solutions with higher value to customers.
Speaking about the acquisition, Mukesh D Ambani, Chairman and Managing Director, Reliance Industries Limited, 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 RIL’s support, SenseHawk will grow multifold.”
Commenting on the partnership, Swarup Mavanoor, CEO and Co-Founder, SenseHawk, said, “Rahul Sankhe, Karthik Mekala, Saideep Talari, Viral Patel and I collaborated with a vision to impact all of the processes in the solar lifecycle. We are delighted with the confidence that RIL has demonstrated in us with this investment. The SenseHawk team foresees strategic value in working with RIL, as one of the largest global infrastructure corporations, and look forward to this next phase in our growth.”
Adding to that, Rahul Sankhe, President and Co-Founder, SenseHawk, said, “I second Swarup’s feelings and believe this partnership will open new use cases, help our nascent markets, and offer higher value to customers across the solar lifecycle. We are on a mission to improve the solar energy ecosystem, acquiring 50% of the market by 2025 and with RIL as our partner, we will accelerate on our execution towards that goal.”
The transaction is subject to certain regulatory and other customary closing conditions and is expected to complete before end 2022.
Covington and Burling LLP and Khaitan and Company acted as the legal advisors and Deloitte as the accounting and tax advisor to RIL on this transaction.