Reliance Industries Ltd has signed definitive agreements to acquire a majority stake in SenseHawk Inc for a total transaction value of $32 million, including funding for future growth, commercial rollout of products, and R&D.
Founded in 2018, SenseHawk is an early-stage California-based developer of software-based management tools for the solar energy generation industry. SenseHawk helps accelerate solar projects from planning to production by helping companies streamline processes and use automation.
SenseHawk has helped 140+ customers in 15 countries adopt new technology for their 600+ sites and assets totalling 100+ GW.
Speaking about the acquisition, Mukesh Ambani, Chairman and Managing Director, Reliance Industries, said, “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.”
SenseHawk’s Solar Digital Platform offers end-to-end management of solar asset lifecycles. Customers see value with SenseHawk in:
- Pre-construction evaluation and process optimization: The platform approach enables unification of multiple processes and data into a single GIS supported view for dashboarding, land data management, design option management, BOQs, approvals and more.
- Construction management: Combined with the map view, chat, and digital forms, the SDP provides improved communications between project teams enabling early issue detection and onsite resolution, automated progress reports, connects engineering drawings and schemas to components on site and accelerates processes.
- Operations and maintenance: SenseHawk brings all stakeholders to a single interface. Teams work off of the same map-based tasks, with access to all required data mapped to a digital twin, significantly improving new site ramp up. Customers save time and effort with preventive maintenance schedules, alarm handling and performance visualization.
The transaction is subject to certain regulatory and other customary closing conditions and is expected to complete before end 2022.
Covington & Burling LLP and Khaitan & Co. acted as the legal advisors and Deloitte as the accounting and tax advisor to RIL on this transaction.