Reliance Industries, an oil-to-telecom giant, has signed binding contracts to pay $32 million for a majority stake in the solar software company SenseHawk Inc., based in California. The decision was made as the business shifted its attention to the new energy sector, where it aims to generate 100 GW of solar energy by 2030.
SenseHawk is a 2018 startup that creates software-based management tools for the solar energy producing sector. By assisting businesses in streamlining procedures and utilising automation, it provides solutions ranging from planning through manufacturing. Additionally, SenseHawk provides a digital platform for managing the entire lifecycle of solar assets.
With assets totaling more than 100 GW, the firm serves more than 140 clients across 15 nations. Its revenue for the fiscal year 2022 was $2,326,369, compared to $1,165,926 in FY 2021 and $1,292,063 in FY 2020. The acquisition, according to Reliance Industries Chairman Mukesh Ambani, will aid the conglomerate in reducing costs, increasing productivity, and boosting on-time delivery to provide low levelized cost of electricity (LCoE) for solar projects around the world.
Rahul Sankhe, president and co-founder of SenseHawk, stated, “We are on a mission to transform 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.
Reliance revealed plans to invest Rs 75,000 crore in its new energy sector over the following three years last year.
The company has made a number of acquisitions prior to SenseHawk to strengthen its new energy play. Sterling & Wilson Renewable Energy Ltd., owned by the Shapoorji Pallonji Group, was acquired by it for 40% in February of this year (SWREL). SWREL is capable of completing solar turnkey projects totaling more than 11 gigawatts worldwide.
Battery business Faradion, based in the UK, was acquired by Reliance New Energy Solar Ltd, a wholly-owned subsidiary of Reliance Industries, for $135 million in December 2021.
It purchased REC Solar, a solar photovoltaic (PV) manufacturer based in Norway, in October 2021. The production plant for Reliance’s PV cells in Jamnagar, Gujarat, will use REC’s technology. Operations at the facility will start in 2024.
Ambani had previously stated that the company would begin producing battery packs by 2023 and grow up to a fully integrated 5 GWh yearly cell-to-pack manufacturing plant by 2024 during its 45th annual general meeting.