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%.
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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.”
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By GlobalDataQinous 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.”
