With the advent of Jio, Reliance disrupted the telecom sector and gradually became the largest market player. It has enjoyed the same fortune in oil production. Now, it looks that Mukesh Ambani is crystal gazing at the future precisely. He is making aggressive inroads in green energy production to ensure the company’s market dominance, even in the fast-changing world.
RIL acquires American Software company
Recently, Reliance Industries Limited (RIL) made a major announcement in the field of green energy. It is all set to acquire a 79.4% stake in SenseHawk, a California-based software developing company. This will be done through primary infusion and secondary purchase at a total cost of $32 million. It is claimed that with this deal, RIL will aggressively go-ahead to achieve its ambitious solar power plans.
Reliance Industries Ltd, has today signed definitive agreements to acquire a majority stake in SenseHawk Inc for a total transaction value of USD 32 million, including funding for future growth, commercial rollout of products, and R&D. pic.twitter.com/66zgfJaCz7
— Prasar Bharati News Services & Digital Platform (@PBNS_India) September 6, 2022
Mukesh Ambani, the Chairman and Managing Director of Reliance Industries welcomed this decision. He reiterated RIL’s commitment for transforming the field of green Energy. He emphasised that in collaboration with SenseHawk, RIL will provide efficient as well as cost effective clean energy to the consumers.
He said, “We welcome SenseHawk and its dynamic team to our family. RIL is committed to revolutionise the Green Energy sector and has a vision to enable 100 GW of solar energy by 2030. In collaboration with SenseHawk, we will drive down costs, enhance productivity and improve on-time performance to deliver the lowest Levelized Cost of Energy (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.”
Senshawk: Revolutionising Solar power generation through Softwares
The American company, Senshawk was founded in 2018. It is an early-stage California-based software developing company. The company is engaged in the development of software-based management tools related to solar power generation. It simplifies the process of companies from planning to accelerating the production of solar energy. Sensehawk also provides a digital platform for end-to-end solar asset lifecycle management. As per a filing by RIL, Senshawk’s turnover in FY2022 is around $2.3 million.
Reliance diversifying itself as per the changing future
Reportedly, Reliance collects its 60% of gross revenue from oil-refining and petrochemicals. But it knows that energy from fossil fuels has a limited future. That is why the conglomerate is trying to reduce its dependence on oil-refining by diversifying into retail, telecommunications and technology.
For a long time, Mukesh Ambani has been particularly pivoting Reliance into green energy. Reportedly, RIL will invest $80 billion over the next 10-15 years on renewable energy and building a new complex next to its refinery.
Additionally, RIL began work on the four Giga-factories at Dhirubhai Ambani Green Energy Giga Complex. These Giga factories will set up world-scale production capacity for solar panels, energy storage systems, electrolysers and fuel cells. Last month, he had announced plans to set up a giga factory for Power Electronics.
With all these acquisitions of Solar related companies and building gigantic Giga factories, Reliance is deeply entrenching itself in the energy of the future that is Solar energy. It is all ensuring that the country achieves its ambitious target of 500 Gigawatts Green energy by 2030.
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