Shell buying German solar battery company sonnen [Toronto Globe and Mail (Ontario, Canada)]
Royal Dutch Shell PLC Royal Dutch Shell PLC American Depositary Shares (Each representing two Class B Ordinary Shares) (RDS.B)
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Source: Toronto Globe and Mail
Shell buying German solar battery company sonnen Royal Dutch Shell has agreed to buy German residential solar battery maker sonnen, as the oil and gas major expands its electricity business in its bid for a bigger role in the global transition to low-carbon energy. Sonnen, which has 4, battery systems worldwide and in 217 had sales of 65 million euros ($73 million), is the German market leader in home storage batteries and has expanded into electric vehicle charging systems. Regulatory approval and completion of the transaction, involving Shell New Energies, was expected in the first quarter of 219, a sonnen spokesman said, without giving a value. Story continues below advertisement Sonnen would continue to operate from the Bavarian town of Wildpoldsried and its top management would stay on, he said. Germany has 1.5 million solar systems whose subsidized sales tariffs are due to be phased out in coming years. By acquiring batteries, householders can store home-produced power and use i
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