Reliance acquires 79.4 pc stake in US-based drone services startup SenseHawk

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Reliance acquires 79.4 pc stake in US-based drone services startup SenseHawk
Reliance acquires 79.4 pc stake in US-based drone services startup SenseHawk

Founded in 2018, SenseHawk helps clean energy projects from planning to production, using drone technology to monitor solar panels

In a disclose to the National Stock Exchange, Reliance Industries has announced that it has acquired a 79.4 percent stake in SenseHawk, a California-based drone services company that helps solar energy generation industry with software services.

Founded in 2018, SenseHawk uses drones for data collection around solar panel projects, and uses the data to provide a digital platform that helps manage the end-to-end solar asset lifecycle. The data it provides helps its clients streamline their solar panel management processes.

According to the disclosure, SenseHawk has grown its turnover over the last three financial years. In FY 2020, the company made around $1.3 million; in FY 2021, it made around $1.16 million; and in FY 2022, it made around $2.3 million.

Mukesh Ambani-led Reliance Industries is known for its oil production, with almost 60 percent of the company’s revenue coming from oil refining and petrochemicals. However, the company has been trying to diversify its holdings by expanding into retail, telecommunications, and technology.

Additionally, Reliance said it is looking to move into clean energy at an announcement during its annual general meeting last week that it would be setting up a new Giga Factory for Power Electronics. The company has allocated $80 billion to invest in clean energy over the next 10 to 15 years, as per reported by YourStory.

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