Oil to telecom amalgamation Reliance Industries has final agreements with California-based software development company SenseHawk to acquire a 79.4% stake in the company. As per RIL’s official statement, the acquisition has a valuation of $32 million and will happen through primary infusion and secondary purchase.
Established in 2018, SenseHawk is a California-based company that develops management tools for the solar energy generation sector. The company helps businesses involved in solar projects by automating their entire process. From planning to execution and production, SenseHawk helps companies streamline their processes and provides them with a digital solar platform to handle the complete lifecycle of solar assets. In an exchange filing, RIL informed that the annual turnover of the SenseHawk for the financial years 2022, 2021, and 2020 was $2,326,369, $1,165,926, and $1,292,063 respectively.
“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 objects and effects of the aforesaid acquisition are explained in the media release dated September 5, 2022, already filed by the company on the subject,” said RIL Chairman Mukesh-Ambani.
Mukesh Ambani is taking forward Reliance’s legacy business of fossil fuel to renewable energy business. In June 2022, Mr Ambani introduced plans to establish Dhirubhai Ambani Green Energy Giga Complex in Jamnagar, Gujrat. The motive behind setting up this complex on 5000 acres is to build a fully integrated and inclusive renewable energy ecosystem. RIL will invest $10 billion in this project over three years.
While talking about Reliance’s acquisition, Rahul Sankhe, President and Co-Founder, SenseHawk, said, “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 toward that goal.”
RIL said that the SenseHawk acquisition would not come under any related party transactions, and any RIL’s promoter or promoter group doesn’t have any interest in the entity.