Indian multinational conglomerate, Reliance Industries (RIL) has reportedly acquired a 79.4% stake in SenseHawk, a leader in AI-powered software for the entire solar lifecycle. The acquisition worth $32 million will be accomplished via primary infusion and secondary purchase.
As per the exchange filing, the transaction is subjected to obligatory regulatory approvals and other standard closing conditions and is expected to be finalized before 2022.
Apparently, this acquisition will offer several benefits to RIL as SenseHawk will assist in fast-tracking the solar projects from planning to production by streamlining processes and automation.
In addition, it will offer a smooth solar digital platform for managing the complete solar asset lifecycle.
SenseHawk’s Solar Digital Platform (SDP), other than its investment in New Energy, will offer solutions intended for pre-construction evaluation, construction management, process optimization and operations and maintenance.
It also offers enhanced communication between teams for the early detection and the onsite resolution of issues, connecting engineering drawings, automated progress reports, and schemes to components onsite and fastening processes.
In order to save time and effort, the platform unifies stakeholders under a single interface.
Essentially, teams can now collaborate on the same map-based tasks with this feature and obtain the necessary data mapped to a digital twin.
Speaking on the latest development, RIL chairman and MD, Mukesh Ambani stated that this collaboration would aid RIL in lowering costs, enhancing productivity and augmenting on-time performance to offer the lowest LCoE for the worldwide solar projects.
According to Mr Ambani, this initiative will turn solar energy into the go-to hub spot of power in lockstep with RIL’s vision for solar energy.
Mr Ambani further claimed that the stimulating technology platform will assist SenseHawk is growing tremendously.
For the unversed, the SDP also offers a feature like a geographic information system (GIS) supported view for land data management, dashboarding, BOQs, design option management, and approvals combined with map view and chat.
Source credit - https://www.businesstoday.in/latest/corporate/story/ril-acquires-794-stake-in-software-based-management-tools-developer-sensehawk-for-32-mn-346452-2022-09-06