• September 24, 2022

Reliance Set to Acquire US-based Solar Energy Startup

Reliance Set to Acquire US-based Solar Energy Startup

On Tuesday, August 6, 2022, Reliance Industries said that, for USD 32 million, it would purchase a controlling interest in SenseHawk, a solar energy software startup based in California (around Rs 256 crore).

A stake of 79.4 percent in SenseHawk was purchased as part of the conglomerate’s ambitious drive into renewable energy to decarbonize its oil and chemical-dominated industry. SenseHawk was established in 2018, and its developers have been hard at work creating technologies for the solar business that will facilitate automation and increase efficiency. In the latest fiscal year, the firm earned $2.3 million. So Reliance said, “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 speeds up the transition from planning to production for solar energy projects by assisting businesses in standardizing and automating their procedures. It has aided in the modernization of 600 sites and assets, with a combined 100 GW, for 140+ customers in 15+ countries. By year’s end, Reliance would finalize the transaction. Reliance has spent USD 1.6 billion over the previous two years to develop its skills in EPC, technology, and the supply chain for the emerging new energy field.

According to the statement, SenseHawk will complement Reliance’s other investments in new energy, resulting in innovative, high-value consumer solutions. Reliance Chairman and Managing Director Mukesh D. Ambani has stated the company’s intention to revolutionize the green energy sector and enable 100 GW of solar energy by 2030 as the primary motivation for the acquisition. “In collaboration with SenseHawk, we will drive down costs, enhance productivity and improve on-time performance to deliver the lowest LCoE (Levelized Cost of Energy) for solar projects globally and make solar energy the go-to source of power in lockstep with our vision for solar energy,” he said.

Commenting on the partnership, Swarup Mavanoor, CEO and co-founder, SenseHawk, said, “Rahul Sankhe, Karthik Mekala, Saideep Talari, Viral Patel and I collaborated with a vision to impact all of the processes in the solar lifecycle. We are delighted with the confidence that Reliance has demonstrated in us with this investment.” Rahul Sankhe, President and co-founder of SenseHawk, added that the alliance would create new use cases, grow existing markets, and provide more value to clients across the solar lifecycle.

“We are on a mission to improve the solar energy ecosystem, acquiring 50 per cent of the market by 2025 and with Reliance as our partner, we will accelerate on our execution toward that goal.” SenseHawk is a software management startup established in California that serves the solar energy-producing sector across three international markets covering the United States, the United Arab Emirates, and India.

  Follow MediaPressToday.com on Facebook and Twitter. For the latest business news,  tech news, and live updates, check out MediaPressToday.com.

Read Previous

Bollywood Superstar Ranveer Singh Invests in SUGAR Cosmetics

Read Next

Indian Fintech Startup Ayekart Raises Fund to Fuel Agri Biz

Most Popular