RIL To Acquire Majority Stake In SenseHawk
SenseHawk is a solar digitization platform with customers throughout the solar asset lifecycle in the US, EMEA, APAC and SEA
Reliance Industries Ltd has signed definitive agreements to acquire a majority stake in SenseHawk Inc for a total transaction value of $32 million, including funding for future growth, commercial rollout of products and R&D.
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.
"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. It is a very exciting technology platform and I am confident that, with RIL's support, SenseHawk will grow multifold," said Mukesh D. Ambani, chairman and managing director, Reliance Industries Limited.
"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," said Swarup Mavanoor, CEO and co-founder, SenseHawk.
SenseHawk has operations in the United States, the UAE and India. SenseHawk's software digitization platform (SDP) SaaS helps with process optimization, automation and asset information management. The SDP enables yield improvement, defect identification, progress monitoring, productivity enhancement, cost reduction, collaboration and data management throughout the solar lifecycle. From development and construction, through operations and maintenance, SenseHawk software has been deployed on 600-plus solar sites worldwide.