New Delhi: Reliance Industries announced in a BSE filing that it had paid $ 32 million for a primary infusion and secondary purchase that resulted in the acquisition of a 79.4% controlling ownership in the US-based SenseHawk Inc.
SenseHawk, a 2018 startup based in California, is a creator of early-stage software-based management tools for the solar energy producing sector. By assisting businesses in streamlining processes and utilising automation, SenseHawk helps solar projects move more quickly from the design stage to production. According to the BSE filing, it offers a seamless solar digital platform to manage the entire lifecycle of a solar asset.
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Chairman and Managing Director of Reliance Industries Mukesh Ambani said, “We welcome SenseHawk and its dynamic team to our family. RIL is committed to revolutionize the Green Energy sector and has a 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.”
According to the report by Reliance Industries, SenseHawk’s revenue for FY2022, FY2021, and FY2020 was $2,326,369, $1,165,926, and $1,292,063 correspondingly.
Sensehawk will work in tandem with the Company’s other investments in the New Energy sector to produce distinctive solutions that are more valuable to consumers. The media release dated September 5, 2022 that has already been filed by the Company on the topic details the purposes and outcomes of the aforementioned transaction. According to the announcement, neither the acquisition nor the aforementioned entities are related party transactions, nor do any of RIL’s promoters, promoter groups, or group companies have any ownership stakes in them.
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Commenting on the partnership, Swarup Mavanoor, CEO and Co-Founder, SenseHawk, said, “Rahul Sankhe, Karthik Mekala, Saideep Talari, Viral Patel and I collaborated with a vision to impact all of the processes in the solar lifecycle. 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 transaction is scheduled to close by the end of 2022, subject to a few regulatory requirements and other normal closing conditions.
RIL received legal, accounting, and tax advice from Deloitte, Khaitan & Co., and Covington & Burling LLP during this transaction.
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