Shell buys German solar battery maker sonnen [Reuters (UK)]
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: Reuters
Shell buys German solar battery maker sonnen | Reuters 2 Min Read FRANKFURT, Feb 15 (Reuters) - 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 40,000 battery systems worldwide and in 2017 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 2019, a sonnen spokesman said, without giving a value. 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 subsidised sales tariffs are due to be phased out in coming years. By acquiring batteries, householders can store home-produce
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