Shell agrees to acquire sonnen, expanding its offering of residential smart energy storage and energy services
Amsterdam, 15 February 2019
Shell* has agreed to acquire 100% of sonnen, a leader in smart energy storage systems and innovative energy services for households. This follows an investment by Shell in May 2018 and means that post regulatory approval and completion sonnen will become a wholly owned subsidiary of Shell.
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.”
René Savelsberg, Managing Director SET Ventures, says: “At the moment of our investment a few years ago we shared the vision of sonnen becoming a true ‘new utility’ providing state-of-the-art hardware and developing unique services on the back of a first-tier brand. All of this has become true and the time has come to pass sonnen on to the new owner.”
sonnen offers smart energy storage to customers and offers digital energy services via its sonnenCommunity platform. For example, the sonnenBatterie optimises the use of solar power in a household and supplies energy at night using stored solar power generated in daytime. sonnen has been a pioneer in the energy market by combining its technology with new business models for a decentralised energy system. Recently, sonnen put Germany’s biggest virtual battery into operation. It is based on a network of home electricity storage systems across the country to help balance power supply and demand on the power grid.
*Shell Overseas Investment B.V.
About SET Ventures
Since 2007, Amsterdam-based SET Ventures has invested in European technology companies that impact the future of the energy system. SET Ventures focuses broadly on innovative energy generation, energy distribution and storage, and energy efficiency. SET Fund III provides early growth-stage capital to ventures that shape the energy system transition through smart software and services-based business models. For more information please visit www.setventures.com.
Managing Director and CEO
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The sonnen Group is one of the leading manufacturers of smart residential storage systems and is a pioneer of technologies for a clean, decentralized and connected energy system. As one of Germany’s and Europe’s fastest growing tech companies, sonnen has received multiple international awards. With its virtual battery that is based on digital connected residential storage systems, sonnen offers new and highly innovative energy services for grid providers and customers. sonnen offers its products in many different countries and has locations in Germany, Italy, UK, Australia and the USA. For more information, go to www.sonnengroup.com.