Top Indian conglomerate Reliance Industries (RIL) plans to pick 79% in SenseHawk — a California-based software developer for the solar energy sector — for $32 million. The deal is part of RIL's broader play in renewable energy, an area in which it plans to invest Rs 75,000 crore.
According to top company sources, RIL will invest $32 million in SenseHawk by acquiring the US company's existing shareholders and by infusing capital into it.
Founded in 2018, SenseHawk helps solar energy companies to streamline processes and use automation.
The company had a turnover of $2.3 million in fiscal 2022. RIL said SenseHawk, along with its other investments in new energy, will be “synergistic and create unique solutions with higher value to customers”.
The SenseHawk deal is expected to be completed before the end of this year. The US company has helped over 140 customers in 15 countries adopt new technology for their 600-plus sites and assets totalling 100-plus GW. RIL chairman Mukesh Ambani said, “We welcome SenseHawk to our family. RIL has a vision to enable 100GW of solar energy by 2030.”