A contract was made by Reliance Industries to buy the majority of shares in the solar energy software company SenseHawk, based in California. The $32 million overall deal value includes finance for future expansion, product commercialization, and R&D.
Details about Reliance buys California-based solar software company SenseHawk:
A young company launched in 2018, SenseHawk creates software-based management tools for the solar energy-producing sector. According to a press release from RIL, it helps businesses automate and streamline procedures, which speeds up the development of solar projects from the planning stage to production.
Reliance has reaffirmed its dedication to the green energy industry, and the company intends to make 100 GW of solar energy available by 2030.
In coordination with our strategy for solar energy, “we will lower prices, increase productivity, and improve on-time performance in order to offer the lowest LCoE (Levelized cost of energy) for solar projects globally. It is a really fascinating technological platform, and with RIL’s assistance, I am convinced that SenseHawk will multiply, according to Mukesh D. Ambani, chairman of Reliance Industries.
End-to-end management of solar asset life cycles is provided through the SenseHawk Solar Digital Platform. It asserts to have assisted more than 140 clients in 15 nations in implementing new technologies across 600 sites and assets worth more than 100 GW.
“I think that this relationship will lead to new use cases, support our emerging markets, and provide customers with greater value throughout the solar lifecycle. Rahul Sankhe, president and co-founder of SenseHawk, stated, “We are on a mission to transform the solar energy ecosystem, acquiring 50% of the market by 2025, and with Reliance as our partner, we will speed our execution toward that goal.
The acquisition is scheduled to close before the end of 2022, subject to regulatory approval and other standard closing conditions.
In this deal, Deloitte served as Reliance’s accounting and tax advisor, together with Covington & Burling LLP and Khaitan & Co.