Reliance has already announced a massive foray into renewable power generation, and it continues to snag companies and startups to help execute its ambitious plans.
Reliance has acquired a majority stake in US-based solar software startup SenseHawk. Reliance acquired a 79.4% stake in SenseHawk through primary infusion and secondary purchase for a total consideration of $32 million (Rs. 250 crore). SenseHawk was founded in 2018, and builds software-based management tools for the solar energy generation industry.
“We are on a mission to improve the solar energy ecosystem, acquiring 50% of the market by 2025 and with RIL as our partner, we will accelerate on our execution toward that goal,” said Rahul Sankhe, President and Co-Founder of SenseHawk. “Sensehawk, along with the other investments of the company in new energy, will be synergistic and create unique solutions with higher value to customers,” Reliance said in a statement.
SenseHawk 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’s software and solutions are deployed at over 600 energy generation sites across 20 countries. Its customers include Softbank Energy, Fotowato Renewables, and Reliance’s arch-rival in the clean energy space, Adani Renewables. The company had a turnover of $2.3 million (Rs. 20 crore) last year.
SenseHawk isn’t the only company in the renewables space that Reliance has acquired or made major investments in. Last year, Reliance had acquired Norway-headquartered REC Solar, which is one of the largest vendors of solar panels in the world, for Rs. 5,500 crore. It had also acquired a 40% stake in Serling & Wilson Solar, which is on the the leading Solar EPC (Engineering, Procurement, and Construction) companies in the world, for Rs. 2,845 crore. Earlier this year, Reliance had acquired Dutch Electric Battery Company Lithium Werks For Rs. 460 Crore.
Reliance will likely integrate these companies and their products into its upcoming giga factories in Jamnagar in Gujarat, and look to become one of the leading global players in the new energy ecosystem. Mukesh Ambani isn’t the only Indian tycoon that’s rapidly making inroads into the new energy space — the Adani group is already one of India’s largest producers of solar power, and is running a series of clean energy initiatives. In the US, the two richest men, Elon Musk and Jeff Bezos, are currently competing to taking humanity to space. India’s two richest men, on the other hand, seem to be vying to bring cleaner energy right here on earth.