Reliance Industries is set to acquire 79.4% stake in the US-based solar energy software company SenseHawk for $32 million.
The investment is expected to be synergistic and create unique solutions with higher value to customers.
From the details as per an exchange filing, the deal between the US-based SenseHawk and Reliance Industries is subject to certain regulatory approvals and other customary closing procedures that are expected to complete by the end of 2022.
Reliance Industries (RIL) is poised to acquire a 79.4 per cent stake in California-based solar software management tools developer SenseHawk, thereby foraying into the new energy.
This deal is significant for Reliance Industries as SenseHawk supports in boosting the solar projects right from planning to production, streamlining process and automation.
SenseHawk offers seamless solar digital platform (SDP) that manages the entire end-to-end asset lifecycle. It offers solutions in pre-construction evaluation, process optimisation, construction management with operations, and maintenance.
RIL chairman and MD Mukesh Ambani said, “In collaboration, 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.”
