German home battery pack/EV charger maker sonnen secures $70M financing round led by Shell
In a recent announcement, Germany-based home battery pack and electric vehicle charger manufacturer sonnen has said that it has secured a new financing round of ~$70 million USD.
According to the announcement made by sonnen, the new financing round was led by oil company Shell. The investment will give Shell a stake in sonnen, which has its batteries being used in thousands of homes, mostly in Germany, but also in Australia and recently in the US as well.
In announcing the new funding round, sonnen CEO Christoph Ostermann said that the company needs “continued investments” because it makes relentless efforts towards “growing faster than the energy storage market and establishing new technologies such as energy sharing and our virtual battery pool.”
Ostermann also added that sonnen has not just secured an investment from Shell, but will also team up with Shell’s New Energies division for the launch of “a strategic cooperation agreement” in areas which offer synergies between both the companies. These areas, as per sonnen, include innovative integrated energy propositions and enhanced EV charging solutions, among others.
Meanwhile, about Shell’s investment in sonnen, Brian Davis -- Shell’s VP of Energy Solutions -- said that the investment will give Shell the ability to “combine Shell’s power business activities with sonnen’s high quality, innovative products and business model to enhance our consumer energy offerings.”
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