Reliance Industries Limited has made an investment of $32 million to acquire a 79.4 per cent stake in the US-based SenseHawk Inc in order to expand its green energy portfolio, the company notified in a regulatory filing. Reliance has made the investment through primary infusion and secondary purchase.
SenseHawk, which was founded in 2018, is an early-stage California-based developer of software-based management tools for the solar energy generation industry. Speaking on the development, Mukesh Ambani, Chairman of 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. 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 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.”
While Covington & Burling LLP and Khaitan & Co. acted as the legal advisors, Deloitte acted as the accounting and tax advisor. Swarup Mavanoor, CEO and Co-founder said, “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.”
Through the acquisition, SenseHawk is planning to acquire 50 per cent of the solar energy ecosystem by 2025. Rahul Sankhe, President and Co-Founder, SenseHawk, said, “We are on a mission to improve the solar energy ecosystem, acquiring 50% of the market by 2025 and with RIL as our partner, we will accelerate on our execution toward that goal.”