GG News Bureau
Mumbai, 11th September. With the introduction of Jio, Reliance disrupted the telecom sector and gradually grew to become the dominant market player. It has had the same luck with oil production. Mukesh Ambani appears to be looking into the future with a crystal ball. He is aggressively expanding green energy production to ensure the company’s market dominance, even in a rapidly changing world.
RIL acquires an American software firm
Reliance Industries Limited (RIL) recently made a significant announcement in the field of green energy. It is about to acquire a 79.4% stake in SenseHawk, a software development company based in California. This will be accomplished through a $32 million primary infusion and secondary purchase. It is claimed that with this agreement, RIL will aggressively pursue 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, Reliance Industries’ Chairman and Managing Director, applauded the decision. He reaffirmed RIL’s commitment to green energy transformation. He emphasized that, in collaboration with SenseHawk, RIL will provide consumers with efficient and cost-effective clean energy.
“We welcome SenseHawk and its dynamic team to our family,” he said. RIL is dedicated to revolutionising the Green Energy sector, with a goal of enabling 100 GW of solar energy by 2030. We will drive down costs, increase productivity, and improve on-time performance in collaboration with SenseHawk to deliver the lowest Levelized Cost of Energy (LCoE) for solar projects globally and make solar energy the go-to source of power in line with our vision for solar energy. It’s a very exciting technological platform, and I’m confident that with RIL’s support, SenseHawk will expand exponentially.”
Senshawk is a revolutionary. Solar energy generation via software
Senshawk, an American company, was founded in 2018. It is a startup software development company based in California. The company is working on the creation of software-based management tools for solar power generation. It streamlines the process for businesses, from planning to accelerating solar energy production. Sensehawk also offers a digital platform for managing the entire lifecycle of a solar asset. According to a RIL filing, Senshawk’s revenue in FY2022 will be around $2.3 million.
Reliance is diversifying in response to the changing future
According to reports, oil refining and petrochemicals account for 60% of Reliance’s gross revenue. However, it recognizes that energy derived from fossil fuels has a finite future. That is why the conglomerate is attempting to diversify away from oil refining by expanding into retail, telecommunications, and technology.
Mukesh Ambani has been pivoting Reliance into green energy for a long time. RIL is said to be investing $80 billion in renewable energy and building a new complex next to its refinery over the next 10-15 years.
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