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Indian oil-to-telecom conglomerate Reliance Industries has announced the acquisition of a majority stake in US solar energy management company Sensehawk for a sum of $32 million.
Sensehawk was established in the US in June 2018 and is headquartered in Saratoga, California, USA. It offers field mobility and job site management solutions. It helps accelerate solar projects from planning to production by helping companies streamline processes and use automation. It provides a solar digital platform to manage the end-to-end solar asset lifecycle. The company has 100+ customers in 20 countries.
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RIL has announced that it has entered into definitive agreements with Sensehawk Inc. to acquire a stake of 79.4% in the company via primary infusion and secondary purchase in exchange for a total consideration of $32 million.
"Sensehawk, along with the other investments of the company in new energy, will be synergistic and create unique solutions with higher value to customers. The objects and effects of the aforesaid acquisition are explained in the media release dated September 5, 2022, already filed by the company on the subject," the company said in a release.
This acquisition will assist RIL, which is making aggressive strides in the Green Energy sector. RIL said that this acquisition will assist the company to bring down its costs, enhance productivity, and improve timely performance for delivery of the lowest Levelized Cost of Electricity (LCoE). This acquisition is also in line with the conglomerate's goal to enable 100 GW of solar energy by 2030.
The transaction is subject to certain regulatory approvals and some customary closing conditions but the same is expected to be complete by the end of 2022.
The stock closed at Rs 2,581.75 per share on Wednesday.
Article by Aman Agarwal.
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