RIL Acquires Majority Stake In US-based SenseHawk for $32 Million

In Technology, Clean Fund, Clean News, News, Products, Renewable Energy
RIL-SenseHawk

Reliance Industries (RIL) has signed formal agreements with SenseHawk Inc. to acquire 79.4% of the firm through main infusion and secondary acquisition for a total of $32 million. This company was founded in 2018, it is a California-based early-stage provider of software-based management solutions for the solar energy generating business.

RIL

SenseHawk helps firms optimize procedures and leverage automation to expedite solar projects from planning to production. It offers a solar digital platform for managing the whole solar asset lifetime.

Last June, Mukesh Ambani, who is transitioning RIL’s heritage fossil-fuel business to renewable energy, disclosed plans to build the Dhirubhai Ambani Green Energy Giga Complex on 5,000 acres in Jamnagar, Gujarat, to establish and supply a fully integrated, end-to-end renewable energy ecosystem with plans to invest $10 billion over three year.

The turnover of SenseHawk for FY 2022, FY 2021 and FY 2020 was $2,326,369, $1,165,926, and $1,292,063 respectively. The transaction is subject to certain regulatory and other customary closing conditions and is expected to be completed before the end 2022.

Reference- Reliance PR, PR Newswire, Economic Times, Mercom India, Business Standard

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