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Reliance Industries (RIL) has signed definitive agreements to acquire a 79.4% stake in SenseHawk, a solar digitization platform SaaS that helps customers develop, build and operate solar and other infrastructure sites.
The estimated value of the transaction is $32 million, including funding for future growth, commercial rollout of products, and research and development.
The stake acquisition will help Reliance and SenseHawk to synergize and create unique solutions with higher value to their customers.
SenseHawk’s platform helps with process optimization, automation, and asset information management. The platform enables yield improvement, defect identification, progress monitoring, productivity enhancement, cost reduction, collaboration, and data management throughout the solar lifecycle.
Reliance Chairman and Managing Director Mukesh D. Ambani said, “RIL is committed to revolutionizing the green energy sector and has the vision to enable 100 GW of solar energy by 2030. In collaboration with SenseHawk, we will drive down costs, enhance productivity and improve on-time performance to deliver the lowest 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.”
An early-stage California-based developer of software-based management tools for the solar energy generation sector, SenseHawk was founded in 2018. The company provides solutions to customers to accelerate solar projects from planning to production by streamlining process automation.
SenseHawk’s software platforms have assisted over 140 customers across 15 countries for over 600 solar sites and assets totaling more than 100 GW in capacity.
SenseHawk has earlier raised $2 million from SAIF Partners and other angel investors in Series A funding and another $5.1 million in Series A1 funding from Alpha Wave Incubation, a venture fund managed by Falcon Edge Capital. SAIF Partners also participated with a follow-on investment.
Ambani recently told the Reliance annual general meeting that the group aims to install 20 GW of solar energy generation capacity by 2025.
Reliance has made a series of acquisitions in the renewable energy space over the last year. Ibn April, Reliance inked a letter of commitment with Maxwell Technology to purchase eight high-efficiency production lines for heterojunction cells (HJT), each with 600 MW capacity, to produce 4.8 GW of HJT cells annually.