RIL acquires 79.4% stake in software-based management tools developer SenseHawk for $32 mn

Oil-to-telecom conglomerate Reliance Industries (RIL) has acquired a 79.4 per cent stake in California-based early-stage software management tools developer SenseHawk. The acquisition worth $32 million took place through primary infusion and secondary purchase. 

According to an exchange filing, this transaction is subject to requisite regulatory approvals and other customary closing conditions and is likely to be completed before 2022. This acquisition is advantageous for RIL as SenseHawk aids in acceleration of solar projects from planning to production through streamlining processes and automation. 

It also provides a seamless solar digital platform to manage the end-to-end solar asset lifecycle. Apart from its investments in New Energy, SenseHawk’s Solar Digital Platform will also offer solutions aimed at pre-construction evaluation, process optimisation, construction management and operations and maintenance. 

SenseHawk’s Solar Digital Platform (SDP) provides improved communication between teams for early detection and onsite resolution of issues, automated progress reports, connecting engineering drawings and schemas to components on site and fasten processes. 

It also brings stakeholders to a single interface to save time and effort. Through this feature, teams can work off of the same map-based tasks with access to required data mapped to a digital twin. 

The SDP also has features like geographic information system (GIS) supported view for dashboarding, land data management, design option management, BOQs, approvals coupled with map view and chat. 

RIL chairman and MD Mukesh Ambani said, “In collaboration, we will drive down costs, enhance productivity and improve on-time performance to deliver the lowest LCoE for solar projects globally and make solar energy the go-to source of power in lockstep with our vision for solar energy. It is a very exciting technology platform and I am confident that, with RIL’s support, SenseHawk will grow multifold.” 

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