Shell to Put Germany’s sonnen Up for Sale

Shell to Put Germany’s sonnen Up for Sale

Shell plans to sell German solar energy storage manufacturer Sonnen, which it acquired 100% in 2019 for €500 million.

Some experts believe that the Bavarian company could be valued at 1.35 to 1.8 billion euros, which is three to four times its expected 2023 sales of €450 million ($482.36 million), according to Reuters.

The reason behind this decision is yet unclear, however, Shell had indicated at its Capital Markets Day in June that it intended to divest its home energy retail business in Europe.

On the first of September, the British oil and gas giant announced that it would sell its home energy business in the UK and Germany to British energy supplier Octopus Energy Group.

Sonnen, which provides storage batteries for rooftop solar systems, said last month that it has connected 25,000 homes to the grid, amassing 250 megawatt hours (MWh) of capacity.

While 250 MWh is a tiny fraction of power demand in Western countries, it puts Sonnen in the top league of European electricity storage providers, and it sees potential for more.

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Doaa Ashraf 454 Posts

Doaa is a staff writer with a Bachelor's Degree in Mass Communication, majoring Journalism from Ahram Canadian University. She has 2-3 years of experience in copywriting, and content creation.

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