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.