For $32 million, Reliance Industries will purchase a 79.4% share in the American Company SenseHawk.
In a BSE filing, Reliance Industries disclosed that it had spent $ 32 million on a primary infusion and second acquisition, culminating in the purchase of a 79.4% majority interest in the US company SenseHawk Inc.
California-based SenseHawk, a 2018 startup, develops early-stage application management services for the solar energy sector. SenseHawk assists businesses with reducing procedures and employing automation to help solar projects advance more swiftly from the design phase to production. The BSE filing states that it offers an individual solar technological platform for overseeing a solar asset’s complete lifecycle.
SenseHawk and its vibrant crew are welcomed into our family, said Mukesh Ambani, chairman and chief executive of Reliance Industries. By 2030, RIL hopes to enable 100 gigawatts of solar energy as part of its commitment to revolutionizing the green energy industry.
In coordination with our goal for solar energy, we will lower costs, increase productivity, and boost on-time performance in partnership with SenseHawk to achieve the lowest possible LCoE for solar installations globally. It’s a tremendously fascinating technological platform, and I have no doubt that SenseHawk will expand significantly with RIL’s help.
SenseHawk reported that its revenue for the fiscal years 2022, 2021, and 2020 was $2,326,369, $1,165,926, and $1,292,063 respectively. Sensehawk will cooperate with the Firm’s other New Energy initiatives to create an effective solution that is more advantageous to customers.
The objectives and results of the abovementioned transaction are described in detail in the news release dated September 5, 2022, which has already been filed on this subject by the Corporation. The acquisition and the accompanying entities are not related party transactions, according to the release, and none of RIL’s promoter, promoter groups, or member firms have any shareholdings in them.
Swarup Mavanoor, CEO and Co-Founder of SenseHawk, commented on the collaboration, saying, “Rahul Sankhe, Karthik Mekala, Saideep Talari, and I worked with a vision to impact all of the activities in the solar lifecycle. We are grateful for the trust RIL has placed in us by making this investment. The SenseHawk team anticipates partnering with RIL, one of the biggest global infrastructure businesses, to be strategically advantageous and looks forward to this new stage in our development.
Subject to just a few regulatory hurdles and other typical closing conditions, the transaction is expected to complete by the end of 2022. Throughout this transaction, Deloitte, Khaitan & Co., and Mcghee & 2019). the LLP provided RIL with legal, accounting, and tax guidance.
SenseHawk assists businesses with reducing procedures and employing automation to help solar projects advance more swiftly from the designing phase to production. It offers a digital platform for managing the entire lifecycle of solar assets. According to RIL’s exchange report, SenseHawk had revenue of $2,326,369 in FY 2022, $1,165,926 in FY 2021, and $1,292,063 in FY 2020.
Sensehawk, together with the Company’s other investments in New Energy, can work together to develop innovative solutions that are more valuable to customers. The media statement dated September 5, 2022, that the firm has previously issued on the subject explains the purposes and implications of the aforementioned transaction, according to the release from the conglomerate led by billionaire Mukesh Ambani.
The deal is not a related party transaction, and none of RIL’s promoters, promoter groups, or group firms have any ownership stake in the aforementioned organizations. The transaction is scheduled to close by the end of 2022 but is subject to several regulatory and customary closing conditions.
Reliance Companies, which has petrochemical products, oil and gas, telecom, and retail holdings, is chaired and managed by Mukesh Ambani. Although oil-refining and petrochemicals account for about 60% of Reliance’s earnings, the conglomerate has been lowering this Reliance by expanding into retail, telecommunications, and technology.
Ambani is refocusing its reliance on renewable energy. In addition to spending $80 billion on renewable energy over the following 10 to 15 years, the firm is developing a new facility next to its refinery.
RIL started building the four gigafactories at the 5,000-acre Dhirubhai Ambani Green Energy Giga Complex in Jamnagar, which would enable the production of solar panels, energy storage systems, electrolyzers, and fuel cells on a global scale. The new Giga Factory for Electrical Machines was revealed by RIL’s chairman and chief executive during its 45th Annual General Assembly (AGM) last week.
Investments in new energy
Reliance has spent $1.6 billion over the previous two years constructing expertise in new energy spanning EPC, technology, and the distribution network. According to the announcement, SenseHawk will work in synergy with Reliance’s other investments in infrastructure energy to develop distinctive solutions that are more valuable to customers.
Mukesh D. Ambani, Chairman of Reliance, commented on the acquisition by saying that his firm is dedicated to changing the green energy industry and aims to enable 100 gigawatts of solar power energy by 2030.
SenseHawk, a 2018 startup based in California, creates software-based management software for the solar energy-producing sector. SenseHawk helps solar projects move more quickly from the design stage to production by assisting businesses in streamlining processes and utilizing automation.
Reliance stated in a company statement to the stock markets on Monday that the deal is worth USD 32 million, comprising capital for future growth, the commercial deployment of products, and development and research (R&D).
For their more than 600 locations and assets totaling more than 100 gigawatts, SenseHawk has assisted over 140 clients in 15 countries with the adoption of new technology. For the fiscal years 2022, 2021, and 2020, SenseHawk generated revenues of USD 2,326,369, USD 1,165,926, and USD 1,292,063, correspondingly.
Edited by Prakriti Arora