7.8 C
London
Sunday, January 29, 2023

RIL to acquire California-based software developer SenseHawk for $32 million

Must read

Husband of woman accused of murdering three children asks forgiveness for wife

The husband of the woman accused of killing her three children by strangling them before attempting suicide on Tuesday in Massachusetts says he has...

VC funding for Black web3 founders surfaced last year, against trends • londonbusinessblog.com

Much hope remains after the crypto winter almost froze the sector: the Luna crash, the bankruptcy of Celsius and the arrest of FTX founder...

Katie Feeney Boyfriend: Is The Youtuber Dating Baseball Champion Jack Hurley?

Katie Feeney Boyfriend: Is The Youtuber Dating Baseball Champion Jack Hurley?...

Using the Apple HomePod’s temperature and humidity sensors

In this article, we'll discuss how to use this new feature and show you how to use it with Apple Home smart home automations.With...
Shreya Christinahttps://londonbusinessblog.com
Shreya has been with londonbusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider londonbusinessblog.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

  • RIL signed an agreement to acquire a controlling interest in SenseHawka California-based software developer.
  • SenseHawk is an early stage startup founded in 2018 that develops software-based management tools for the solar power industry.
  • RIL chairman Mukesh Ambani said working with SenseHawk they can reduce costs, increase productivity and improve on-time performance.

Reliance Industries signed an agreement to acquire a majority stake in SenseHawk, a California-based software developer specializing in solar energy. The total transaction value is $32 million, including financing for future growth, commercial product roll-out and R&D.

SenseHawk is an early stage startup founded in 2018; and develops software-based management tools for the solar power industry. It helps accelerate solar projects from planning to production by helping companies streamline processes and use automation, RIL said in a press release.

RIL has recently reiterated its commitments to the green energy sector and plans to enable 100 GW of solar power by 2030.

“In partnership with SenseHawk, we will reduce costs, increase productivity and improve on-time performance to deliver the lowest LCoE (levelized cost of energy) for solar projects worldwide and make solar the go-to power source that closely aligned with our vision of solar energy. It is a very exciting technology platform and I am confident that with the support of RIL, SenseHawk will grow multiple times.” Mukesh D Ambanicchairman of Reliance Industries.

SenseHawk’s Solar Digital Platform provides end-to-end management of solar asset lifecycles. It claims to have helped more than 140 customers in 15 countries adopt new technology for more than 600 locations and assets totaling more than 100 GW.

“I believe this partnership will open up new use cases, help our emerging markets and bring greater value to customers throughout the solar lifecycle. We are on a mission to improve the solar ecosystem, by acquiring 50% of the market by 2025 and with RIL as our partner we will accelerate our execution towards that goal,” said Rahul Sankhechairman and co-founder of SenseHawk.

The transaction is subject to regulatory and other customary closing conditions and is expected to close before the end of 2022.

Covington & Burling LLP and Khaitan & Co acted as legal counsel and Deloitte as accounting and tax advisor to RIL in this transaction.

ALSO SEE:
India has not generated excessive returns for foreign investors, Nitin Bhasin says. from Ambit

Investment Lessons from Rakesh Jhunjhunwala’s 1+1=11 Partner, Utpal Sheth

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Husband of woman accused of murdering three children asks forgiveness for wife

The husband of the woman accused of killing her three children by strangling them before attempting suicide on Tuesday in Massachusetts says he has...

VC funding for Black web3 founders surfaced last year, against trends • londonbusinessblog.com

Much hope remains after the crypto winter almost froze the sector: the Luna crash, the bankruptcy of Celsius and the arrest of FTX founder...

Katie Feeney Boyfriend: Is The Youtuber Dating Baseball Champion Jack Hurley?

Katie Feeney Boyfriend: Is The Youtuber Dating Baseball Champion Jack Hurley?...

Using the Apple HomePod’s temperature and humidity sensors

In this article, we'll discuss how to use this new feature and show you how to use it with Apple Home smart home automations.With...

Save $93 on this mini AI robotic arm and software

Disclosure: Our goal is to provide products and services that we believe you will find interesting and useful. If you buy them, the...