Reliance to buy US-based solar energy software firm SenseHawk for $32 m

Mumbai-based, publicly listed Reliance Industries Ltd (RIL) on Tuesday (September 6) said it will acquire a  79.4 per cent stake in California-based solar energy software developer SenseHawk for $32 million (around ₹256 crore). 

The acquisition — through primary infusion of capital and secondary purchase of shares — is part of RIL’s aggressive push into renewable energy to decarbonise its oil and chemical-dominated business, said the company in a submission to the Bombay Stock Exchange (BSE).

“Founded in 2018, SenseHawk is an early-stage California-based developer of software-based management tools for the solar energy generation industry. SenseHawk helps accelerate solar projects from planning to production by helping companies streamline processes and use automation. It provides a seamless solar digital platform to manage the end-to-end solar asset lifecycle,” said the RIL statement.

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The $32 million investment will cover funding for future growth, commercial rollout of products, and R&D.

SenseHawk has helped 140+ customers in 15 countries adopt new technology for their 600+ sites and assets totalling 100+ GW, said the BSE submission by RIL. It added that RIL expects to complete the acquisition by the end of the year.

New energy investments

Over the past two years, Reliance has invested $1.6 billion in building capabilities in new energy across EPC, technology and the supply chain.

SenseHawk, along with Reliance’s other investments in new energy, will be synergistic and create unique solutions with higher value to customers, the statement said.

Speaking about the acquisition, Mukesh D Ambani, Chairman and Managing Director, Reliance, said his company is committed to revolutionising the green energy sector and has the vision to enable 100 GW of solar energy by 2030.