Indian multinational conglomerate Reliance Industries (RIL) has signed a definitive agreement to acquire a majority stake in SenseHawk, which develops software for the solar energy industry.
The $32m deal also includes funding for SenseHawk’s future growth and commercial product launches, as well as research and development (R&D) activities.
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Based in California, SenseHawk develops software-based management tools designed to help solar energy companies expedite solar projects from planning to production.
The company’s solar digital platform offers end-to-end management services for solar asset lifecycles.
It is intended to help customers in pre-construction evaluation, process optimisation and construction management, as well as operations and maintenance.
RIL chairman and managing director Mukesh Ambani said: “RIL is committed to revolutionise the Green Energy sector and has a vision to enable 100GW of solar energy by 2030.
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By GlobalData“In collaboration with SenseHawk, we will drive down costs, enhance productivity and improve on-time performance to deliver the lowest levelised cost of energy (LCoE) for solar projects globally and make solar energy the go-to source of power in lockstep with our vision for solar energy.
“It is a very exciting technology platform and I am confident that, with RIL’s support, SenseHawk will grow multifold.”
SenseHawk co-founder and CEO Swarup Mavanoor said: “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.”
The deal is expected to close before the end of this year subject to certain regulatory and other customary closing conditions being met.
Covington & Burling and Khaitan & Co acted as legal advisors to RIL for the deal, while Deloitte served as the company’s accounting and tax advisor.
Last October, RIL subsidiary Reliance New Energy Solar acquired a 100% stake in solar cell and panel manufacturer REC Solar Holdings.
