Germany-based energy storage company Sonnenbatterie has raised an undisclosed amount of funding from energy utility Čez’s corporate venturing subsidiary Inven Capital, PV Magazine has reported.
The precise amount Inven invested has not been disclosed, but a spokesperson told PV Magazine it comprised “a few hundred million” Czech koruna, with 100 million koruna equating to roughly $4m.
Chrysalix SET, the venture capital firm backed by energy company Essent and conglomerate Delta, and VC firm Munich Venture Partners co-led a $9.4m series B round for Sonnenbatterie in December 2014.
The series B round also featured eCapital Entrepreneurial Partners, which had already provided $3.7m in series A funding for Sonnenbatterie in 2013. The company did not reveal whether the latest funding constituted an extension to the round.
Sonnenbatterie, which was founded in 2010, produces battery systems that store energy captured through residential solar power cells, powering a user’s home before feeding excess energy into the grid.
Daniel Beneš, chief executive of Čez, said: “By investing in Sonnenbatterie, we are fulfilling one of the core pillars of Čez’s strategy, which is to develop our activities in decentralised energy and renewable sources.
“It is also a major milestone in implementing our growth plans in Germany and Central Europe.”