India’s Reliance Industries said late on Monday it would acquire a 79.4% 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.
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.
Reuters