Petroleum supplier Shell agreed on Friday to acquire one of its portfolio companies, Germany-based energy storage technology provider Sonnen, for an undisclosed amount.
Founded in 2010 as Sonnenbatterie, Sonnen produces smart energy storage systems for customers in Europe, the US and Australia, allowing them to store surplus energy from home solar systems to be used at times when the sun is not out, such as at night.
Users in some European markets can also band together into a local community to pool their energy through what the company refers to as a virtual battery. Sonnen will operate as a subsidiary of Shell, working with its New Energies division, and expand its virtual battery system into grid services.
Mark Gainsborough, Shell’s executive vice-president of new energies, said: “Sonnen is one of the global leaders in smart, distributed energy storage systems and has a track record of customer-focused innovation. Full ownership of Sonnen will allow us to offer more choice to customers seeking reliable, affordable and cleaner energy.
“Together, we can accelerate the building of a customer-focused energy system in support of Shell’s strategy to offer more and cleaner energy solutions to customers.”
The company had received approximately $168m in venture funding, including $70m in a May 2018 round led by Shell’s corporate venturing unit, Shell Ventures, that included all its existing investors.
Inven Capital, the strategic investment arm of energy utility Čez, had previously joined industrial technology provider General Electric, energy equipment maker Envision Energy and existing backers Set Ventures, eCapital, Munich Venture Partners and Thomas Putter to invest $85m in Sonnen in 2016.
Photo courtesy of Sonnen GmbH.
