Shell to buy smart energy storage provider sonnen

Shell has agreed to acquire a 100% stake in sonnen, a provider of smart energy storage systems and services for households.

The deal’s financial details have not been revealed by the companies.

Shell New Energies executive vice-president Mark Gainsborough 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 deal was carried out by Shell after an investment in sonnen in May last year.

Upon obtaining regulatory approval, sonnen will become a wholly owned subsidiary of Shell.

The deal is intended to further enhance the offers of both companies. It will see new integrated energy services, as well as electric vehicle charging solutions, and the provision of grid services that are based on sonnen’s virtual battery pool.

Sonnen co-founder and CEO Christoph Ostermann 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.”

Last October, Shell joined the Global Wind Energy Council (GWEC) in order to expand its renewable offshore wind power business as part of its new energies strategy.