Shell Ventures backs Sonnen in EUR-60m round

Germany-based energy storage and energy sharing firm Sonnen GmbH has raised EUR 60 million (USD 70.7m) in a financing round led by Shell Ventures to accelerate its growth in markets such as the US and Australia.

All existing investors also participated in the round, the company said today.

“Growing faster than the energy storage market and establishing new technologies such as energy sharing and our virtual battery pool requires continued investments,” commented CEO Christoph Ostermann.

In addition to the investment, Sonnen and Shell's New Energies division are also launching a strategic cooperation agreement in areas where they see synergies. The two will partner to offer “innovative integrated energy propositions”, electric vehicle (EV) charging solutions and grid services based on Sonnen's virtual battery pool. The move is in line with Sonnen’s strategy to partner with leading players to grow its offerings to customers.

In 2016 Sonnen presented the sonnenCommunity platform in Germany, through which owners of solar and battery storage capacity can connect and share self-produced energy with other members. Last year that concept was introduced in Australia and it is also available in the US. By connecting the storage units of the sonnenCommunity into a virtual battery pool, Sonnen will be able to offer grid services like balancing power or load shifting, it explained.

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