Oil giant Shell has continued its foray in to the renewables sector with the acquisition of a German storage firm.
Following last years investment of around £52 million in smart energy systems firm Sonnen, Shell today confirmed it will buy a 100% stake in the company.
As part of the deal, Sonnen will become a wholly owned subsidiary of Shell.
The deal follows news this week that Shell had bought a controlling interest in a floating wind project, planned for 2020.
Originally investing 33% in the ‘TetraSpar’ floating foundation demonstrator turbine last year, Shell will now own 66% of the project.
The £16m development project is a partnership between Shell, Innogy and Stiesdal Offshore Technologies (SOT).
Mark Gainsborough, executive vice president New Energies at Shell, 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.”
Sonnen said the deal would “accelerate” of the two firms to offer “innovative” storage solutions.
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.”
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