RIL acquires California solar software developer SenseHawk for $32 million

• RIL signed an agreement to acquire a majority stake in SenseHawka California-based software developer.
• SenseHawk is a start-up founded in 2018 and develops software-based management tools for the solar power generation industry.
• RIL President Mukesh Ambani said that working with SenseHawk, they can reduce costs, improve productivity and improve on-time performance.

Trust Industries signed an agreement to acquire a majority stake in SenseHawk, a California-based software developer specializing in solar energy. The total value of the transaction is $32 million, which also includes funding for future growth, commercial product deployment and R&D.

SenseHawk is a start-up founded in 2018; and develops software-based management tools for the solar power generation industry. It helps accelerate solar projects from planning to production by helping companies streamline processes and use automation, RIL said in a press release.

RIL recently reiterated its commitments to the green energy sector and plans to enable 100 GW of solar power by 2030.

“Together with SenseHawk, we will reduce costs, improve productivity and improve on-time performance to deliver the lowest LCoE (levelized cost of energy) for solar projects globally and make “solar energy the go-to source of energy in line with our vision of solar energy. This is a very exciting technology platform and I am confident that with RIL’s support, SenseHawk will grow in many manners,” said Mukesh D’Ambanipresident of Reliance Industries.

SenseHawk’s digital solar platform provides end-to-end lifecycle management of solar assets. He claims to have helped more than 140 customers in 15 countries adopt new technologies for more than 600 sites and assets totaling more than 100 GW.

“I believe this partnership will open up new use cases, help our emerging markets, and deliver greater value to customers throughout the solar lifecycle. We are on a mission to improve the solar energy ecosystem, capturing 50% of the market by 2025 and with RIL as our partner, we will accelerate our execution towards this goal,” said Rahul Sankhepresident and co-founder of SenseHawk.

The transaction is subject to regulatory and other customary closing conditions, and is expected to close before the end of 2022.

Covington & Burling LLP and Khaitan & Co acted as legal advisors and Deloitte acted as accounting and tax advisor to RIL in connection with this transaction.

SEE ALSO:
India hasn’t generated outsized returns for foreign investors, says Ambit’s Nitin Bhasin

Investment lessons from Rakesh Jhunjhunwala’s 1+1=11 partner, Utpal Sheth