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					</table><p>Reliance Industries (<a href="https://www.ril.com/" target="_blank" rel="noopener">RIL</a>) has signed definitive agreements to acquire a 79.4% stake in <a href="https://sensehawk.com/" target="_blank" rel="noopener">SenseHawk</a>, a solar digitization platform SaaS that helps customers develop, build and operate solar and other infrastructure sites.</p>
<p>The estimated value of the transaction is $32 million, including funding for future growth, commercial rollout of products, and research and development.</p>
<p>The stake acquisition will help Reliance and SenseHawk to synergize and create unique solutions with higher value to their customers.</p>
<p>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.</p>
<p>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.”</p>
<p>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.</p>
<p>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.</p>
<p>SenseHawk has earlier <a href="https://mercomindia.com/sensehawk-raises-2-million-in-series-a-funding/" target="_blank" rel="noopener">raised</a> $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.</p>
<p>Ambani recently told the Reliance annual general meeting that the group <a href="https://mercomindia.com/reliance-targets-20-gw-solar-capacity-by-2025/" target="_blank" rel="noopener">aims</a> to install 20 GW of solar energy generation capacity by 2025.</p>
<p>Reliance has made a series of acquisitions in the renewable energy space over the last year. Ibn April, Reliance <a href="https://mercomindia.com/reliance-purchase-production-lines-hjt-cells/" target="_blank" rel="noopener">inked</a> 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.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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Reliance to Acquire Majority Stake in Solar Software Company SenseHawk for $32 Million

<p><a href="https://ratedpower.com/" target="_blank" rel="noopener">RatedPower</a>, a Spain-based developer of design and optimization software for utility-scale solar projects, has raised €5.3 million (~$6.1 million) in series A funding. The round was led by <a href="https://seayaventures.com/" target="_blank" rel="noopener">Seaya Ventures</a>, a European and Latin-American venture capital firm based in Spain, investing in sustainable energy technology companies.</p>
<p>The funds will be utilized to drive international expansion in key solar markets like the United States. It will also be used to expedite new products and feature developments to accelerate RatedPower&#8217;s software-as-a-service (SaaS) suite for renewables.</p>
<p>&#8220;Over the past four years, we&#8217;ve built a unique SaaS platform that has smoothed out the process of building solar plants in almost every country on the planet,&#8221; said Andrea Barber, co-founder, and CEO, RatedPower.</p>
<p>The company emphasizes that seeking systemic efficiency is the only effective way to fight climate change and deliver on the Paris Agreement. However, it argues that designing and engineering solar projects to estimate costs and energy production is complex and overwhelming.</p>
<p>RatedPower&#8217;s software, pvDesign, the company claims, accelerates the design and engineering process of solar photovoltaic projects. The company maintains it helps corporations to boost their efficiency and reduce the construction costs of PV projects and levelized cost of energy while increasing accuracy and assets profitability.</p>
<p>According to a <a href="https://mercomindia.com/us-solar-market-adds-record/" target="_blank" rel="noopener">report</a> by Solar Energy Industries Association (<a href="https://www.seia.org/" target="_blank" rel="noopener">SEIA</a>) and <a href="https://www.woodmac.com/" target="_blank" rel="noopener">Wood Mackenzie</a>, solar accounted for 58% of all new power capacity additions in the United States. About 5 GW of new solar capacity was installed in Q1 2021, a new Q1 record, and a 46% increase over Q1 2020. The utility-scale sector accounts for a majority of these installations, with a Q1 record of 3.6 GW. SEIA has also <a href="https://mercomindia.com/us-solar-industry-new-goal/" target="_blank" rel="noopener">increased</a> its target for Solar+ Decade to account for 30% of overall power generation in the United States by 2030. The previous target was 20% by 2030.</p>
<p>RatedPower claims it has more than 1,300 users, including clients like Iberdrola, Engie, BayWa, AES, Clenera, Sungrow, Burns &amp; McDonnell, Celsia, Shell, Samsung in pvDesign, having reached ~2,000 GW simulated in over 130 countries.</p>
<p>According to Mercom&#8217;s <a href="https://mercomcapital.com/product/9m-q3-2021-solar-funding-ma-report/" target="_blank" rel="noopener">9M and Q3 2021 Solar Funding and M&amp;A Report</a>, in 9M 2021, the solar sector raised $2.2 billion in VC funding in 39 deals, 466% higher compared to $394 million in 29 deals in 9M 2020.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/dayanand-k/" class="vcard author" rel="author"><span class="fn">Dayanand K</span></a></div><div class="saboxplugin-desc"><div itemprop="description"></div></div><div class="clearfix"></div></div></div>

Solar Software Developer RatedPower Raises $6 Million in Series A Funding

<p><a href="https://www.aurorasolar.com/" target="_blank" rel="noopener">Aurora Solar</a>, a U.S.-based solar software company has announced the acquisition of <a href="https://www.folsomlabs.com/" target="_blank" rel="noopener">Folsom Labs</a>, the developer of HelioScope, a solar design software solution for the commercial sector.</p>
<p>Commenting on the acquisition, Christopher Hopper, co-founder of Aurora Solar, said, &#8220;Aurora Solar and Folsom Labs share a common mission to build a future of solar energy for all. We built our business to help the solar industry scale through technology, and adding the Folsom Labs team puts us in an even better position to drive the digital transformation of the solar industry.&#8221;</p>
<p>Through the acquisition, Aurora intends to accelerate providing tools for solar companies, from residential to large-scale commercial solar, and all teams within an organization. The company also aims to fast-track the adoption of rooftop solar.</p>
<p>&#8220;Today is a big day for solar. As a result of this acquisition, solar professionals from the residential and commercial sectors can look forward to faster product innovation and an unparalleled customer experience. I&#8217;m delighted to welcome the Folsom Labs team to Aurora,&#8221; said Samuel Adeyemo, co-founder of Aurora Solar.</p>
<p>Folsom Labs develops HelioScope, a software platform for designing commercial solar systems. The company maintains that it has thousands of customers in over 100 countries. HelioScope has been used to design over 1,200 GW of solar projects worldwide.</p>
<p>&#8220;Our shared vision and values have made it clear that joining forces will enable us to maximize our impact on the industry,&#8221; said Paul Grana, co-founder of Folsom Labs.</p>
<p>Paul Gibbs, another co-founder of Folsom Labs, added, &#8220;As a part of Aurora Solar, we&#8217;ll be able to provide the comprehensive solution the solar industry has been waiting for since we both started our parallel journeys.&#8221;</p>
<p>In December 2020, Aurora Solar announced that it <a href="https://mercomindia.com/us-solar-software-developer-aurora/" target="_blank" rel="noopener">raised</a> $50 million in Series B funding led by <a href="https://iconiqcapital.com/" target="_blank" rel="noopener">ICONIQ Capital</a>. Earlier this year, the company <a href="https://mercomindia.com/funding-and-ma-roundup-aurora-solar-raises/" target="_blank" rel="noopener">closed</a> a $250 million Series C funding round led by Coatue, with follow-on participation from existing investors ICONIQ Capital, Energize Ventures, and Fifth Wall. In just over two years, Aurora Solar has raised more than $320 million.</p>
<p>According to Mercom Capital Group’s <a href="https://mercomcapital.com/product/1h-q2-2021-solar-funding-ma-report/" target="_blank" rel="noopener">1H and Q2 2021 Solar Funding and M&amp;A Report</a>, in the first half of 2021, global VC funding – including venture capital, private equity, and corporate venture capital in the solar sector increased around 680% to $1.6 billion in 26 deals compared to $210 million in 14 deals in the same period the year before.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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Aurora Solar Acquires Solar Software Developer Folsom Labs

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