Reliance Shells Out $32mn To Acquire 79.4% Stake In Solar Software Maker SenseHawk

New Delhi: Mukesh Ambani-led Reliance Industries Limited has acquired a majority stake (79.4 per cent) in SenseHawk, a startup based in the United States, that develops software-management tools for the solar energy generation industry. The company has announced that $32 million will be drained out to complete the acquisition process that will be done through primary infusion and secondary purchase.Also Read – Reliance AGM 2022: 5G, India’s 1st Carbon Fiber Plant, Succession Plans And More. All You Need To Know

SenseHawk is a California-based startup that began its operations in 2018, helping solar companies streamline processes and using automation to enhance their productivity. Notably, Adani Green Energy Limited (AGEL), part of the Adani Group, had entered into a deal with SenseHawk. In a statement issued by SenseHawk in October, 2019, it said it had benchmarked the “condition of 2.5 million solar modules at one of the world’s largest solar sites, the Kamuthi Solar Power Project in India”, that is owned by AGEL. The company added that the solar site has a DC capacity of 780 MWs and spans an area of 2,500 acres, the equivalent of about 950 football fields or four square miles and that it used drones with thermography imaging technology, along with its cloud-based SenseHawk Therm software, to accurately assess the solar site in less than three weeks. Also Read – “Excited To launch Our Partnership With JioMart …”, Says Mark Zuckerberg

According to an exchange filing by Reliance, the turnover of SenseHawk for FY 2022, FY 2021 and FY 2020 was $2,326,369, $1,165,926, and $1,292,063 respectively. Also Read – Mukesh Ambani Details Succession Plans, Says Daughter Isha Is Leader Of Reliance’s Retail Business

“SenseHawk, along with the other investments of the Company in New Energy, will be synergistic and create unique solutions with higher value to customers. The objects and effects of the aforesaid acquisition are explained in the media release dated September 5, 2022 already filed by the company on the subject,” said the Reliance group.

Not so long ago held the 45th Annual General Meeting of Reliance Industries Ltd. During the event, Mukesh Ambani had declared his ambitious target of investing $80 billion over the next decade and a half on renewable energy sources.