Reliance Industries to acquire US SenseHawk for $32 mn

by |

Chennai, Sep 6 (IANS) Reliance Industries Ltd has signed a definitive agreement to acquire a majority stake in the US-based SenseHawk Inc for $32 million.

In a regulatory filing late Monday, Reliance Industries said it has inked an agreement to acquire majority stake in SenseHawk for $32 million including funding for future growth, commercial rollout of products, and research and development (R&D).

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 end 2022.

The California-based SenseHawk is a developer of software based management tools for the solar energy generation industry.

According to Reliance Industries, SenseHawk helps accelerate solar projects from planning to production by helping companies streamline processes and use automation, Reliance Industries said.

Sensehawk, along with the other investments of the Company in New Energy, will be synergistic and create unique solutions with higher value to customers, Reliance Industries 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," said Mukesh Ambani, Chairman and Managing Director, Reliance Industries.

"In collaboration with SenseHawk, we will drive down costs, enhance productivity and improve on-time performance to deliver the lowest LCoE (levelised cost of electricity) 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," he added.

"We are delighted with the confidence that RIL (Reliance Industries Ltd) 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," Swarup Mavanoor, CEO and Co-Founder, SenseHawk said.

Latest News
US labour agency files complaint against Apple over discrimination Wed, Oct 05, 2022, 02:06 PM
German politicians criticise EP for maintaining two seats during energy crisis Wed, Oct 05, 2022, 02:02 PM
Power supply restored after Bangladesh national grid failure Wed, Oct 05, 2022, 02:01 PM
EU adopts law requiring USB Type-C in iPhones by end of 2024 Wed, Oct 05, 2022, 02:00 PM
Sony likely working on new phone with Dimensity 8000 chip Wed, Oct 05, 2022, 01:58 PM
Google rolls out widgets for iOS 16 Lock Screen on iPhones Wed, Oct 05, 2022, 01:57 PM
Thailand's economic recovery intact despite global slowdown: Central bank Governor Wed, Oct 05, 2022, 01:54 PM
Rahul Dravid, Rohit Sharma hint at Shami becoming Bumrah's replacement for T20 World Cup Wed, Oct 05, 2022, 01:37 PM
Jonny Bairstow is England's player of the year Wed, Oct 05, 2022, 01:36 PM
Bayern crush Plzen to maintain perfect record in Champions League Wed, Oct 05, 2022, 01:34 PM
David Warner, Mitchell Marsh return to Australia side for series v West Indies Wed, Oct 05, 2022, 01:29 PM
Will miss Bumrah in T20 WC, but it's an opportunity for someone else to stand up: Dravid Wed, Oct 05, 2022, 01:28 PM
We wanted to go early to Australia, play on some bouncy pitches in Perth: Rohit Sharma Wed, Oct 05, 2022, 01:27 PM
New Sony PS5 gaming consoles to be available in India soon Wed, Oct 05, 2022, 01:26 PM
Just days ahead of polls in Himachal, Modi inaugurates AIIMS Bilaspur Wed, Oct 05, 2022, 01:26 PM