Source: Economic Times, 06 September 2022
Oil-to-telecom conglomerate Reliance Industries has entered into definitive agreements with SenseHawk Inc. for acquiring 79.4% stake in the company, through primary infusion and secondary purchase, for a total consideration of $32 million, the company said on Tuesday.
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 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 informed in an exchange filing on Tuesday.
“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.
Ambani, who is pivoting RIL’s legacy fossil-fuel business to renewable energy business, last June, unveiled plans to set up the Dhirubhai Ambani Green Energy Giga Complex on 5,000 acres in Jamnagar, Gujarat, to create and offer a fully integrated, end-to-end renewable energy ecosystem with plans to invest $10 billion over three years.
Last month, Ambani announced plans to set up a giga factory for power electronics.
The SenseHawk acquisition, RIL said, does not fall within the related party transactions and none of RIL’s promoter/promoter group/group companies have any interest in the above entities, RIL said.
The transaction is subject to certain regulatory and other customary closing conditions and is expected to be completed before the end 2022, it added.
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.”