Reliance Industries has acquired a majority stake of 79.4 per cent in US-based SenseHawk Inc through primary infusion and secondary purchase, for $ 32million, the company said in a BSE filing.
California-based SenseHawk, which was founded in 2018, is an early-stage 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 seamless solar digital platform to manage the end-to-end solar asset lifecycle, the BSE filing said.
Chairman and Managing Director of Reliance Industries Mukesh Ambani 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.”
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The turnover of SenseHawk for FY2022, FY2021 and FY2020 was US$ 2,326,369, US$ 1,165,926, and US$ 1,292,063 respectively., according to the filing by Reliance Industries.
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. The acquisition 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, the release added.
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.”
The transaction is subject to certain regulatory and other customary closing conditions and is expected to complete before end 2022.
Covington & Burling LLP and Khaitan & Co. acted as the legal advisors and Deloitte as the accounting and tax advisor to RIL on this transaction.