Reliance Industries, owned by Indian billionaire Mukesh Ambani, on Tuesday, said that the multinational conglomerate company is planning to acquire a majority stake in SenseHawk Inc, a California-based software company.
SenseHawk Inc which was founded 4 years ago, is in the business of developing software solutions and tools for the management of the solar energy industry.
According to a statement released by Reliance industries on Tuesday, the company is acquiring a 79.4% stake in SenseHawk Inc for a cost of 32 million dollars. Both Reliance Industries and SenseHawk Inc signed definitive agreements which will operate as the base for the acquisition of a stake in the software company.
With more than 100 customers across 20 countries, SenseHawk helps companies and businesses which are into solar energy production, to plan and produce Renewable energy through management tools based on software.
Tools and solutions such as Terrain Analysis, Construction Monitoring, Thermography etc aides companies in completing solar energy projects effectively and efficiently.
Even though the software startup company is based in Santiago, California, it has set up development centres in Abu Dhabi and Bangalore.
As for Reliance industries, the acquisition of a majority stake in SenseHawk Inc presents itself with an opportunity to achieve the conglomerates’ goals and objectives regarding climate change and renewable energy.
A few days ago, during the annual general meeting of the multinational conglomerate in Mumbai, Mukesh Ambani, who is chairman and managing director of the company announced the new energy plans of Reliance industries.
Mukesh Ambani during his speech said that company is aiming to establish solar energy power plants which will produce 100GW of energy by 2030. He also announced that the conglomerate will set up a new Gigafactory for power electronics.
Past acquisitions in the Renewable energy sector
This is not the first-time Reliance Industries Limited is making investments and acquisitions in the Renewable energy sector.
In the last one year, Reliance Industries has made acquisitions and purchases of shareholding in various entities such as Sterling and Wilson Renewable Energy Limited, Faradion and REC Solar Holdings AS.