Reliance to obtain majority stake in SenseHawk

Reliance Industries Limited (RIL) has signed definitive agreements to obtain a significant stake in SenseHawk for a total transaction value of $32 million. The transaction includes funding for future growth, product commercialisation, and research and development.

The transaction is subject to customary regulatory and other closing conditions which is expected to close before the end of 2022. On this transaction, RIL’s legal representative was Covington & Burling LLP, and its accounting and tax advisor was Deloitte.

SenseHawk, incorporated in 2018 is a California-based early-stage developer of software-based management solutions for the solar energy generation industry. The company has operations in the US, United Arab Emirates, and India. The software digitisation platform (SDP) of the company helps in process optimisation, automation, and asset information management. Throughout the solar lifecycle, the SDP enables yield improvement, defect identification, progress monitoring, productivity enhancement, cost reduction, collaboration, and data management.