Winning Bizness Desk
Mumbai. Reliance Industries on Tuesday said it will acquire a majority stake in California-based solar energy software developer SenseHawk for USD 32 million (around Rs 256 crore). The acquisition of a 79.4 per cent stake in SenseHawk is part of the conglomerate’s aggressive push into renewable energy to decarbonise its oil and chemical-dominated business.
Reliance signs definitive agreements
SenseHawk, founded in 2018, develops tools for the solar industry to help companies streamline processes and use automation. It had a turnover of USD 2.3 million in last financial year. In a statement, Reliance said it has “signed definitive agreements to acquire a majority stake in SenseHawk Inc for a total transaction value of USD 32 million, including funding for future growth, commercial rollout of products, and R&D.” SenseHawk helps accelerate solar projects from planning to production by helping companies streamline processes and use automation. Reliance said it expects to complete the acquisition by end of the year.
Reliance has invested USD 1.6 billion in building capabilities
Over the past two years, Reliance has invested USD 1.6 billion in building capabilities in new energy across EPC, technology and the supply chain. SenseHawk, along with Reliance’s other investments in new energy, will be synergistic and create unique solutions with higher value to customers, the statement said. Speaking about the acquisition, Mukesh D Ambani, Chairman and Managing Director, Reliance, said, his company is committed to revolutionizing the green energy sector and has the vision to enable 100 GW of solar energy by 2030.