Oil-to-telecom conglomerate Reliance Industries plans to acquire a 79.4% stake in SenseHawk Inc., through primary infusion and secondary purchase, for a total consideration of $32 million, the company said in a statement.
The move follows the recent succession plan that Mukesh Ambani has set up as the conglomerate looks to expand in ‘New Energy’ with new blood; though SenseHawk’s acquisition may not be directly related to it.
California, US-based SenseHawk Inc. is an early-stage 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.
Chairman and Managing Director of Reliance Industries Mukesh Ambani said that the collaboration with SenseHawk will enable them to drive down solar energy costs, enhance productivity, improve on-time performance to deliver the lowest LCoE for solar projects and make solar energy the go-to source of power. They will look for hiring talent to support these endeavours.
SenseHawk Inc. was founded in 2018 by Rahul Sankhe and Swarup Mavanoor to create synergistic and unique solutions with higher value to solar energy customers.
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 RIL has demonstrated in us with this investment. The SenseHawk team foresees strategic value in working with RIL, one of the largest global infrastructure corporations, and looks forward to this next phase in our growth.”
Rahul Sankhe, President and Co-Founder, SenseHawk, added, “We are on a mission to improve the solar energy ecosystem, acquiring 50% of the market by 2025 and with RIL as our partner, we will accelerate our execution toward that goal.”
Covington & Burling LLP and Khaitan & Co. acted as the legal advisors and Deloitte as the accounting and tax advisor to RIL on this deal.