RIL to buy US solar energy tech firm SenseHawk

Mumbai: Reliance Industries (RIL) will acquire 79% in SenseHawk — a California-based software developer for the solar energy sector — for $32 million. The deal is part of RIL’s broader play in renewable energy, an area in which it last year announced plans to invest Rs 75,000 crore.
RIL will invest $32 million in SenseHawk by acquiring the US company’s existing shareholders and by infusing capital into it. Founded in 2018, SenseHawk helps solar energy companies to streamline processes and use automation. The company had a turnover of $2.3 million in fiscal 2022.
RIL said SenseHawk, along with its other investments in new energy, will be “synergistic and create unique solutions with higher value to customers”. RIL is yet to report new energy as a separate business segment in its financial results.