TotalEnergies acquires German BESS developer Kyon

TotalEnergies acquires German BESS developer Kyon

TotalEnergies acquires German BESS developer Kyon 1024 575 Energy Storage Journal

January 25, 2024: TotalEnergies, the French oil giant, said on January 23 it had agreed to take over German BESS developer Kyon Energy.

TotalEnergies has signed an agreement to acquire Kyon’s entire share capital from its three founders for an upfront payment of €90 million ($98 million) plus some payments linked to the achievement of development targets.

Kyon has led development of 770MW of energy storage projects since its launch in 2021, of which 120MW are in operation, 350MW are under construction and 300MW are ready to build.

In addition, Kyon’s portfolio includes a 2GW pipeline of advanced-stage projects.

TotalEnergies, which also owns French battery firm Saft, said it will develop, build, and operate those projects, mainly located in the north of Germany.

The Kyon deal, which is subject to regulatory approvals, comes after TotalEnergies was: awarded a maritime concession by German authorities to develop a 3GW offshore wind farm; acquired renewable energy aggregator Quadra Energy; and was awarded a contract to install and operate 1,100 high-power charge points for EVs.

Photo: Kyon Energy