Reliance Industries Ltd (RIL) on Monday announced that it has entered into an agreement with California-based solar energy software developer Sensehawk to acquire a majority stake in the company. The deal is worth $32 million (roughly Rs. 260 crore), “including funding for future growth, commercial rollout of products and R&D.” Reliance is expected to complete the takeover by the end of this year. The deal appears to be in line with the group’s aggressive push for renewable energy. SenseHawk has helped 15 adopt new technologies for more than 600 of their sites and more than 100GW of total assets.
RIL A statement On Monday it confirmed a $32 million deal with SenseHawk for a 79.4 percent stake in the company.
Reliance Chairman and Managing Director Mukesh Ambani commented on the acquisition and expressed RIL’s commitment to revolutionize the green energy sector. They envision enabling more than 100GW of solar power by the end of 2030.
SenseHawk is a California-based software developer specializing in software-based management tools for the solar industry. Previously, SenseHawk has helped more than 140 customers in 15 countries adopt the new technology for their total assets of more than 100GW.
The acquisition is subject to regulatory and customary closing conditions, however, and is expected to close before the end of 2022.
