RIL to acquire majority stake in solar digitization platform SenseHawk Inc

Mumbai: Reliance Industries Limited (RIL) will acquire a majority stake in solar digitisation platform SenseHawk Inc for USD 32 million, a statement from the company said on Tuesday.

Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited, said, “We welcome SenseHawk and its dynamic team to our family. RIL is committed to revolutionize the Green Energy sector and has a vision to enable 100 GW 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."

"It is a very exciting technology platform and I am confident that, with RIL’s support, SenseHawk will grow multifold," he said.

Swarup Mavanoor, CEO and Co-Founder, SenseHawk, said, “Rahul Sankhe, Karthik Mekala, Saideep Talari, Viral Patel and I collaborated with a vision to impact all of the processes in the solar lifecycle. 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.”

Founded in 2018, SenseHawk is an early-stage California-based developer of software based management tools for the solar energy generation industry. (UNI)