German energy storage company Sonnen has successfully closed a financing round of €60m, winning the support of Shell Ventures, an investment arm of the oil giant.
Other investors include Germany’s eCapital and MVP, Dutch company SET Ventures, Czech outfit Inven Capital and US-based GE Ventures.
Sonnen, which provides battery storage systems for homes with rooftop solar panels, has also launched a strategic partnership with Shell’s New Energies division.
Sonnen chief executive Christoph Ostermann said: “We are very happy to receive the backing of all our investors and the commitment of a major global player like Shell to follow our vision of clean and affordable energy for everyone.”
Shell vice president for energy solutions Brian Davis said: “This investment enables us to combine Shell’s power business activities with Sonnen’s high-quality, innovative products and business model to enhance our consumer energy offerings.
“This is in line with our strategy to partner with leading companies to deliver more and cleaner energy solutions to our customers.”
Image: sxc
Shell shines for Sonnen
By EBS