Sector News

Shell buys German solar battery maker sonnen

February 21, 2019
Chemical Value Chain

Royal Dutch Shell has agreed to buy German residential solar battery maker sonnen, as the oil and gas major expands its electricity business in its bid for a bigger role in the global transition to low-carbon energy.

Sonnen, which has 40,000 battery systems worldwide and in 2017 had sales of 65 million euros ($73 million), is the German market leader in home storage batteries and has expanded into electric vehicle charging systems.

Regulatory approval and completion of the transaction, involving Shell New Energies, was expected in the first quarter of 2019, a sonnen spokesman said, without giving a value.

Sonnen would continue to operate from the Bavarian town of Wildpoldsried and its top management would stay on, he said.

Germany has 1.5 million solar systems whose subsidized sales tariffs are due to be phased out in coming years. By acquiring batteries, householders can store home-produced power and use it for themselves or sell it to the grid.

Shell, the world’s second largest listed oil and gas producer, has accelerated investment in renewable energy and power markets, betting on a rapid rise in electricity demand due to electric vehicle use and a switch to cleaner energy sources.

It has acquired vehicle charging technologies, solar power producers and retail energy supplier First Utility. Shell injected cash into sonnen last year to help it grow.

Sonnen’s existing investors, including GE Ventures and European private equity investors, will be bought out. ($1 = 0.8870 euros)

By Vera Eckert

Source: Reuters

Join the discussion!

Your email address will not be published. Required fields are marked *

Related News

January 17, 2021

Neste and Avfuel join forces for U.S. sustainable fuel supply 

Chemical Value Chain

Neste will provide Avfuel with SAF in volumes able to meet the growing demands of Avfuel’s customers, including fixed base operators (FBOs), airports, flight departments, original equipment manufacturers (OEMs) and commercial operators.

January 17, 2021

Borealis and Tomra start up advanced recycling plant in Germany 

Chemical Value Chain

Operation of the plant is a joint enterprise between Borealis, TOMRA and Zimmermann. Borealis is responsible for the plant’s commercial success and contributes its expertise and knowledge in innovation, recycling and compounding.

January 17, 2021

Johnson Matthey appoints Stephen Oxley as Chief Financial Officer

Chemical Value Chain

Johnson Matthey announces that Stephen Oxley will join the company’s board on 1st April 2021 as Chief Financial Officer (CFO).

Send this to a friend