Reliance to accumulate US-based photo voltaic vitality software program maker for $32 million

Reliance Industries on Tuesday mentioned it should purchase a majority stake in California-based photo voltaic vitality software program developer SenseHawk for USD 32 million (round Rs 256 crore).

The acquisition of a 79.4 per cent stake in SenseHawk is a part of the conglomerate’s aggressive push into renewable vitality to decarbonise its oil and chemical-dominated enterprise.

SenseHawk, based in 2018, develops instruments for the photo voltaic trade to assist firms streamline processes and use automation. It had a turnover of USD 2.3 million in final monetary yr.

In a press release, Reliance mentioned it has “signed definitive agreements to acquire a majority stake in SenseHawk Inc for a total transaction value of USD 32 million, including funding for future growth, commercial rollout of products, and R&D.” SenseHawk helps speed up photo voltaic tasks from planning to manufacturing by serving to firms streamline processes and use automation.

It has helped 140+ prospects in 15 international locations undertake new know-how for his or her 600+ websites and property totaling 100+ GW.

Reliance mentioned it expects to finish the acquisition by finish of the yr.

Over the previous two years, Reliance has invested USD 1.6 billion in constructing capabilities in new vitality throughout EPC, know-how and the availability chain.

SenseHawk, together with Reliance’s different investments in new vitality, will probably be synergistic and create distinctive options with greater worth to prospects, the assertion mentioned.

Speaking concerning the acquisition, Mukesh D Ambani, Chairman and Managing Director, Reliance, mentioned, his firm is dedicated to revolutionizing the inexperienced vitality sector and has the imaginative and prescient to allow 100 GW of photo voltaic vitality 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,” he mentioned.

LCoE refers to Levelized Cost of Energy.

Commenting on the partnership, Swarup Mavanoor, CEO and co-founder, SenseHawk, mentioned, “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 Reliance has demonstrated in us with this investment.” Adding to that, Rahul Sankhe, President and co-founder, SenseHawk, mentioned this partnership will open new use instances, assist nascent markets, and provide greater worth to prospects throughout the photo voltaic lifecycle.

“We are on a mission to improve the solar energy ecosystem, acquiring 50 per cent of the market by 2025 and with Reliance as our partner, we will accelerate on our execution toward that goal.” SenseHawk is an early-stage California-based developer of software-based administration instruments for the photo voltaic vitality era trade with operations within the US, UAE and India.