From pv magazine Germany
Shell has put Sonnen up for sale, according to Handelsblatt. The German news outlet now values Sonnen – which Shell acquired for for €500 million ($835 million) four year ago – at €1.35 billion to €1.8 billion. The oil giant reportedly wants to sell off all of the German energy storage company, or at least 51% of it.
Sonnen, one of the world’s largest providers of PV home storage, has experienced continuous growth in recent years. It holds a strong position in Germany, other European markets, and the United States.
The company also recently doubled its production capacity in Wildpoldsried, Germany. However, it declined to comment on the Handelsblatt report when contacted by pv magazine.
“In principle, Sonnen is continuing its global growth course in the rapidly expanding storage market,” said a company spokesperson.
Shell has also declined to comment on the matter.
Shell acquired charging infrastructure specialist Ubitricity and Next Kraftwerke in 2021., but now it seems to want to withdraw from the residential storage business. It recently sold its retail electricity and gas business in Germany and Great Britain to Octopus Energy.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.