German solar battery maker Sonnen secures Shell cash to expand
German solar battery maker Sonnen has secured 60 million euros in funds from Shell Ventures, a unit of the Anglo-Dutch oil giant Shell, and existing shareholders to expand at home and abroad, reports Vera Eckert for Reuters newswire. Sonnen chief executive Christoph Ostermann said his company can now embark on important investments in the US and Australia.
Sonnen provides battery storage systems to households with rooftop solar panels and links up home-produced electricity to other solar users in Germany. Other Sonnen investors include Germany’s eCapital and MVP, Dutch firm SET Ventures, Czech company Inven Capital, and GE Ventures, a unit of US firm General Electric, according to the Reuters report.
Read the Reuters report in German here.
Sonnen is featured prominently in the CLEW dossier Battered utilities take on start-ups in innovation race.