Reliance Industries to Acquire 79.4% Stake in U.S. Company SenseHawk for $32 Million | Techno Glob

Reliance Industries (RIL) announced on Tuesday that the company has entered into definitive agreements with SenseHawk Inc. (SenseHawk) to acquire 79.4% of SenseHawk’s equity, through primary infusion and secondary purchase, for a total consideration of 32 millions of dollars.

Founded in 2018, SenseHawk is a California-based early-stage developer of software management tools for the solar power generation industry.

SenseHawk helps accelerate solar projects from planning to production by helping companies streamline processes and use automation. It provides a digital solar platform to manage the end-to-end life cycle of solar assets. SenseHawk’s revenue for fiscal years 2022, 2021 and 2020 was $2,326,369, $1,165,926 and $1,292,063 respectively, RIL said in an exchange filing.

“Sensehawk, along with the company’s other new energy investments, will be synergistic and create unique, higher value solutions for customers. The objects and effects of the aforementioned acquisition are explained in the press release dated September 5, 2022 already filed by the company on the subject,” the billionaire-led conglomerate Mukesh-Ambani said in the statement.

The acquisition does not fall within the scope of a related party transaction and none of the sponsors/sponsor groups/group companies of RIL have any interest in the above entities. The transaction is subject to certain regulatory and other customary closing conditions and is expected to close before the end of 2022, he added.

Mukesh Ambani chairs and directs Reliance Industries, which has interests in petrochemicals, oil and gas, telecommunications and retail. Nearly 60% of Reliance’s revenue comes from oil refining and petrochemicals, although the conglomerate has reduced its reliance on oil refining by diversifying into retail, telecommunications and technology.

Ambani pivots Reliance to green energy. The company will invest $80 billion over the next 10 to 15 years in renewable energy and build a new complex next to its refinery. RIL has started work on the four Giga factories at the Dhirubhai Ambani Green Energy Giga complex to establish global production capacity for solar panels, energy storage systems, electrolysers and fuel cells. fuel spread over 5,000 acres at Jamnagar. At RIL’s 45th Annual General Meeting (AGM) last week, its President and CEO announced its new Giga factory for power electronics.

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