Reliance Industries to acquire majority stake in SenseHawk

Reliance Industries has signed agreements to acquire a majority stake of 79.4 per cent in SenseHawk, a service provider for the solar energy generation industry.Founded in 2018, SenseHawk is an early-stage California-based 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.The deal value is worth USD 32 million, including funding for future growth, commercial rollout of products, and research and development (R&D), Reliance said in a regulatory filing to the stock exchanges on Monday.SenseHawk has helped over 140 customers in 15 countries adopt new technology for their over 600 sites and assets totalling over 100 gigawatts. The turnover of SenseHawk for financial years 2022, 2021 and 2020 was USD 2,326,369, USD 1,165,926, and USD 1,292,063, respectively.