German residential solar storage firm Sonnen’s latest financing round was led by investment from Shell Ventures.
The Bavarian solar firm confirmed that it closed the financing at £52 million, “significantly supported” by Shell and other investors.
Sonnen said the cash would enable the company to strengthen its position internationally with a shift into the US and Australian solar markets.
Sonnen chief executive Christoph Ostermann said: “Growing faster than the energy storage market and establishing new technologies such as energy sharing and our virtual battery pool requires continued investments. We’re very happy to receive the backing of all our investors and the commitment of a major global player like Shell to follow our vision of clean and affordable energy for everyone.”
Sonnen also confirmed that it has formed a new energies division Shell, launching a ‘strategic cooperation agreement partnership’ that will include innovative integrated energy propositions and enhanced EV charging.
Brian Davis, VP energy solutions at Shell, said: “The great team at sonnen has succeeded in building a market-leading position in residential storage. This investment enables us to combine Shell’s power business activities with sonnen’s high quality, innovative products and business model to enhance our consumer energy offerings. This is in line with our strategy to partner with leading companies to deliver more and cleaner energy solutions to our customers.”