Reliance industries have acquired a 79.04% stake in SenseHawk along with other investments in new energy sectors.
Founded in 2018, SenseHawk is an early-stage California-based developer of software-based management tools for generating solar energy in the industry.
Reliance Industries on Tuesday announced that the company has entered into definitive agreements with SenseHawk Incorporation. Reliance Industries for acquiring a 79.4% stake of SenseHawk, through primary infusion and secondary purchase, with an accurate value of $32 million.
SenseHawk works in accelerating solar projects from planning to production by supporting companies to streamline methods and utilizing automation. It provides a solar digital platform to manage the end-to-end solar asset lifecycle. The estimated turnover of SenseHawk recorded for the years was 1,292,063 for 2022, 1,165,926 for 2021, 2,326,369 for 2022, informed by RIL in an exchange filing.
Mukesh D. Ambani, Chairman, and Managing Director, RIL said, “We are committed to revolutionizing the Green Energy sector and have the vision to enable 100 GW of solar energy by 2030.”
Mukesh Ambani heads and runs Reliance Industries, which has interests in petrochemicals, oil and gas, telecom, and retail. Almost 60% of Reliance’s revenue is generated from oil refining and petrochemicals, though the partnership has been reducing its dependence on oil refining by diversifying into retail, telecommunications, and technology.
Ambani is reviving its Reliance on green energy. The future of the company’s revenue will mostly be accrued by Green Energy The company will be financing $80 billion over the next 10-15 years on renewable energy and constructing a new complex next to its refinery. RIL had already begun work on the four Giga factories at Dhirubhai Ambani Green Energy Giga Complex to set up world-scale production capacity for solar panels, energy storage systems, electrolyzers, and fuel cells which is spread over 5,000 acres in Jamnagar.
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 our execution toward that goal.”
