On Tuesday, Reliance Industries announced plans to pay USD 32 million for a majority stake in the California-based software company SenseHawk which develops solar energy systems (around Rs 256 crore). The conglomerate’s ambitious drive into renewable energy to decarbonize its oil and chemical-dominated business includes the purchase of a 79.4% interest in SenseHawk.
Reliance and SenseHawk
SenseHawk, a 2018 startup, creates technologies for the solar sector to support businesses in automating and streamlining procedures. It generated a revenue of USD 2.3 million during the previous fiscal year.
In a statement, Reliance said that It had signed binding contracts to pay USD 32 million for the majority ownership of SenseHawk Inc., which includes finance for future expansion, product launches, and R&D. By assisting businesses in streamlining processes and utilizing automation, SenseHawk helps solar projects move more quickly from the design stage to production.
It has assisted more than 140 clients in 15 nations in implementing new technologies across 600+ sites and assets worth more than 100 GW. By year’s end, Reliance intends to have completed the transaction. Reliance has spent USD 1.6 billion over the previous two years constructing new energy capabilities across EPC, technology, and the supply chain.
Creating Solutions for Customers
Based on the statement, SenseHawk will work in synergy with Reliance’s other investments in new energy to develop distinctive solutions that are more valuable to customers.
Speaking about the acquisition, Mukesh D Ambani, Chairman and Managing Director, Reliance, said that by 2030, his company wants to enable 100 GW of solar energy, and it is dedicated to changing the green energy industry.
The lowest LCoE for solar projects worldwide will be delivered. In line with our vision for solar energy, we will work with SenseHawk to reduce costs, increase productivity, and improve on-time performance, he stated.
Word from the CEO
Levelized Cost of Energy is referred to as LCoE. Swarup Mavanoor, CEO and co-founder of SenseHawk, commented on the collaboration and said that he, Rahul Sankhe, Karthik Mekala, Saideep Talari, and Viral Patel worked together with a vision to influence all of the processes in the solar lifecycle. He further stated that they are grateful for the faith Reliance has shown in us by making this investment.
Adding to that, Rahul Sankhe, President and co-founder, SenseHawk, said this partnership will open new use cases, help develop markets, and offer higher value to customers across the solar lifecycle.
They are on a mission to improve the solar energy ecosystem, acquiring 50 percent of the market by 2025, and with Reliance as their partner, they will accelerate their execution toward that goal. SenseHawk is an early-stage California-based developer of software-based management tools for the solar energy generation industry with operations in the US, UAE, and India.