British multinational engineering company Rolls-Royce has acquired a majority stake in German electricity storage solutions provider Qinous.
The British firm purchased a 19.9% stake in the German start-up in 2018. The latest deal has increased the company’s stake to 73.1%.
Rolls-Royce has acquired the stake from the current financial investors, including investment holdings company IBB Beteiligungsgesellschaft (Berlin).
The companies have not disclosed the financial details of the acquisition.
Rolls-Royce Power Systems Division CEO Andreas Schell said: “Our new subsidiary is to play a pivotal role going forward. This is where we are going to pool all the division’s microgrid activities – from simple storage solutions to complete, complex microgrid solutions of various sizes and configurations.
“As a young, start-up-style company, Qinous brings expertise that is an ideal complement to Rolls-Royce’s industrial credentials. Together we will be able to respond quickly and with great professionalism to the demands of the market.”
Qinous founding stakeholders intend to retain their stake in the company, as well as their current roles in the business.
By acquiring a majority stake in Qinous, Rolls-Royce intends to transform it into a competence centre for microgrid solutions within the group’s Power Systems division.
In addition, the company will start offering a wide range of battery storage options for microgrids of all sizes, while promoting eco-friendly distributed power supplies.
Qinous co-founder and co-managing director Steffen Heinrich said: “This even closer partnership between Rolls-Royce and Qinous is a logical and consistent step towards opening up the rapidly growing microgrid market.
“The functionality and reliability of the solutions have been proven in a large number of projects. Now, with MTU’s experience and global presence, we can meet demand more quickly and more comprehensively.”