2030 Finance | February 20, 2019

Shell goes all in on solar-storage venture Sonnen

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, February 19 – Shell’s New Energies group is acquiring Germany-based solar storage company Sonnen. The acquisition announcement comes nine months after the oil and gas giant led Sonnen’s €60 million ($71 million) funding round.

Sonnen makes solar energy storage batteries and has developed a system to allow solar-powered residences to share power among themselves via a product called sonnenCommunity. The company has 30,000 of its battery systems installed around Europe, according to its website. As of last year, it has tens of thousands of customers registered for sonnenCommunity.

The company is being acquired by a division of Shell that invests in companies that are commercializing alternative fuels and energy sources. Shell’s prior investment in Sonnen was made through its earlier-stage venture investing arm, Shell Ventures.