Shell has sealed a deal to acquire Sonnen, a Germany-based manufacturer of home energy storage systems.
The deal is part of the oil giant’s strategy to diversify its business into new and renewable energies, and will put it in direct competition with Tesla in capturing the growing market for smart energy systems in the domestic energy sector.
Shell first invested in Sonnen May 2018. The battery start-up has grown to become Europe’s largest maker of rechargeable energy storage packs.
“Sonnen is one of the global leaders in smart, distributed energy storage systems and has a track record of customer-focused innovation,” said Mark Gainsborough, Executive Vice President New Energies at Shell. “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.”
Christoph Ostermann, Chief Executive Officer and Co-Founder of Sonnen, said: “Shell New Energies is the perfect partner for helping us grow in a market that is expanding rapidly. With this investment we’re excited to help more households to become energy independent and benefit from new opportunities in the energy market. Shell will help drive the growth of Sonnen to a new level and help speed up the transformation of the energy system.”