German solar battery maker sonnen secures Shell cash to expand [Reuters]
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
German solar battery maker sonnen secures Shell cash to expand | Reuters 3 Min Read FRANKFURT (Reuters) - German solar battery maker sonnen has secured 60 million euros ($71 million) in funds from Shell Ventures and existing shareholders to expand at home and abroad. Shell Ventures, a unit of the Anglo-Dutch oil major that has been boosting its investments in solar and other renewables, was a lead investor in the latest funding round, sonnen Chief executive Christoph Ostermann told Reuters. “With this money, we can get started on important investment plans, especially in the United States and Australia,” he said, adding that existing shareholders also contributed extra cash. “We also want to invest in broadening our sonnen community and our virtual power plant (VPP), and expand our offering of grid-related services,” the sonnen CEO said, adding that the firm aimed to turn a profit in Germany in two years. The company provides battery storage systems to households with rooftop solar pa
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