Shell Ventures backs Sonnen as home ESS firm closes $71m funding round

Shell Ventures backs Sonnen as home ESS firm closes $71m funding round

Shell Ventures backs Sonnen as home ESS firm closes $71m funding round 706 481 Energy Storage Journal

 

German energy storage firm Sonnen announced on May 23 it had secured €60 million ($71 million) in its latest financing round, led by Shell Ventures — the corporate venture capital arm of Royal Dutch Shell — and supported by existing investors.

Alongside the investment, Sonnen and Shell’s New Energies division launched a strategic cooperation agreement. The firms will work on integrated energy propositions, enhanced EV charging solutions and the provision of grid services based on Sonnen’s virtual battery pool.

The investment will enable Sonnen to expand further into the US and Australia.

The company expanded its presence in North America when it opened an innovation centre in Atlanta, Georgia, in February 2017 and a North America HQ in California the year before.

This February, the company announced plans for a factory in Adelaide, South Australia. The company will assemble its residential storage systems at the factory, set to open in Q4 of this year.

Sonnen first launched the sonnenCommunity — a variation of a virtual power plant where end users share renewable energy — in 2016 in Germany. The next year it was introduced in Australia, followed by the first US-based sonnenCommunity in Jasper, Arizona.