Indian conglomerate Reliance Industries Ltd (BOM:500325) on Monday unveiled definitive agreements to buy a 79.4% stake in US solar energy software developer SenseHawk Inc in a deal worth USD 32 million (EUR 32.1m).
California-based SenseHawk develops software management tools to help companies in the solar industry streamline processes and use automation. Its end-to-end solutions are used in the pre-construction, construction and operations and maintenance (O&M) stages of the solar project lifecycle. According to the filing, the company’s technology has been deployed across more than 600 solar sites in 15 countries.
Set up in 2018, SenseHawk generated revenues of USD 2.3 million in its 2022 fiscal year. Reliance’s investment will help the company fund the commercial rollout of products and research and development (R&D) initiatives.
For Reliance, the deal is yet another move backing its expansion into the renewable energy sector. “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 [..],” said chairman Mukesh Ambani.
The transaction is expected to be wrapped up by the end of this year.
(USD 1.0 = EUR 1.004)
Choose your newsletter by Renewables Now. Join for free!