Reliance Industries has signed agreements to acquire a majority stake of 79.4 per cent in SenseHawk, a service provider for the solar energy generation industry.
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.
The deal value is worth $32 million, including funding for future growth, commercial rollout of products, and research and development (R&D), Reliance said in a regulatory filing to the stock exchanges on Monday.
SenseHawk has helped over 140 customers in 15 countries adopt new technology for their over 600 sites and assets totalling over 100 gigawatts.
Read More:-The 50-30-20 rule of budgeting: What it is and how it works
The turnover of SenseHawk for financial years 2022, 2021 and 2020 was USD 2,326,369, USD 1,165,926, and USD 1,292,063, respectively.
“RIL (Reliance Industries) is committed to revolutionising the Green Energy sector and has the 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,” said Mukesh Ambani, Chairman and Managing Director, Reliance Industries.
Read More:-HDFC unveiled SMS Banking Services: Here’s how to register, check account balance & mini statement
“It is a very exciting technology platform and I am confident that, with RIL’s support, SenseHawk will grow multifold,” Ambani said.
The transaction, however, is subject to certain regulatory and other customary closing conditions and is expected to complete before the end of 2022.
Read More:-Know how to add your driving license to Digilocker, step-by-step guide
“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 of SenseHawk.
Following are some of the major services that SenseHawk offers to its clients:
* Pre-construction evaluation and process optimization: The platform approach enables the unification of multiple processes and data into a single GIS-supported view for dashboarding, land data management, design option management, BOQs, approvals and more.
Read More:-Bharat Biotech gets emergency use authorisation for intranasal COVID-19 vaccine
* Construction management: Combined with the map view, chat, and digital forms, the SDP provides improved communications between project teams enabling early issue detection and onsite resolution, automated progress reports, connects engineering drawings and schemas to components on site and accelerates processes.
* Operations and maintenance: SenseHawk brings all stakeholders to a single interface. Teams work off of the same map-based tasks, with access to all required data mapped to a digital twin, significantly improving new site ramp-up. Customers save time and effort with preventive maintenance schedules, alarm handling and performance visualization.
