Home Business Reliance Industries will acquire a 79.4% stake in SenseHawk in the US...

Reliance Industries will acquire a 79.4% stake in SenseHawk in the US for $32 million

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acquired a controlling stake of 79.4 percent of the American company SenseHawk Inc. through a primary injection and a secondary purchase for $32 million, the company reported in submission

Founded in 2018, California-based SenseHawk is an early stage developer of software management tools for generation industry. SenseHawk helps accelerate solar projects from planning to production by helping optimize processes and use automation. It provides a seamless digital solar platform for end-to-end lifecycle management of solar assets submission said.

Read also: Reliance aims to double its value in 5 years as it future-proofs itself

SenseHawk’s revenue for fiscal years 2022, 2021 and 2020 was US$2,326,369, US$1,165,926 and US$1,292,063 respectively, according to the statement .

Sensehawk, together with the company’s other investments in New Energy, will be synergistic and create unique solutions with greater value for customers. Objects and effects of the foregoing explained in the press release on this topic dated September 5, 2022, already filed by the Company. The not subject to related party transactions and to any of the promoters/group/group of promoters of RIL have any interests in the aforementioned entities, the release added.

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