Reliance Industries to buy majority stake in US solar power firm SenseHawk for $32 million

The acquisition is part of RIL's renewables push and the conglomerate aims to produce 100 GW of solar energy by 2030

Credit: Reuters File Photo

Reliance Industries said late on Monday it would acquire a 79.4 per cent stake in California-based solar energy software developer SenseHawk for $32 million.

The stake purchase is part of the oil-to-chemicals conglomerate's aggressive push into the renewable energy sector, with aims to produce 100 GW of solar energy by 2030.

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SenseHawk develops tools for the solar industry to help companies streamline processes and use automation. The company, founded in 2018, generated $2.3 million in turnover in its financial year 2022.

Reliance said it expected to complete the acquisition by the end of the year.