SenseHawk is an early-stage developer of software-based management tools for the solar power generation industry
Reliance Industries to buy a stake of 79.4% in SenseHawk. (Credit: Michael Schwarzenberger from Pixabay)
Indian conglomerate Reliance Industries (RIL) has inked definitive agreements to acquire a 79.4% stake in US-based software start-up SenseHawk for $32m.
The consideration includes funding for SenseHawk’s future growth, commercial launch of products, as well as research and development.
Founded in 2018, the company serves the solar energy generation industry with software-based management tools.
It has built a solar digitisation platform (SDP) that offers software as a service (SaaS) for process optimisation, automation, and management of asset information.
The company has customers is said to cater throughout the solar asset lifecycle for customers in the US, Europe, Middle East, and Africa (EMEA), Asia-Pacific (APAC), and Southeast Asia (SEA).
SenseHawkoffers is said to help in fast-tracking solar projects from planning to production by enabling companies optimise processes and leverage automation.
SenseHawk CEO and co-founder Swarup Mavanoor said: “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 company’s SDP provides end-to-end management of solar asset lifecycles.
Further, the platform is claimed to provide enhanced communications between project teams, enabling early detection of issues and onsite resolution, and automation of progress reports. It is also said to help in connecting engineering drawings and schemas to components on site and expediting processes.
Reliance Industries said that SenseHawk along with the group’s other investments in New Energy will be synergistic and produce unique solutions with greater value to customers.
Reliance Industries chairman and managing director Mukesh Ambani said: “We welcome SenseHawk and its dynamic team to our family. RIL is committed to revolutionise the Green Energy sector and has a vision to enable 100GW 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.”
The transaction, which is subject to some regulatory approvals and other customary closing conditions, is anticipated to be completed before the end of 2022.