Sonnen, a supplier of residential energy storage solutions, has announced the closing of its latest financing round of €60 million ($70.4 million), led by Shell Ventures. This new round of funding will help the German company accelerate growth in markets such as the United States and Australia.
“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,” said Christoph Ostermann, CEO of sonnen.
sonnen and Shell’s New Energies division have also launched a strategic cooperation agreement in areas that offer synergies between the two companies. This partnership will include innovative integrated energy propositions, enhanced EV charging solutions and the provision of grid services that are based on sonnen’s virtual battery pool.
Owners of the sonnenBatterie can not only cover their energy needs with clean and self-produced energy but can become part of the virtually connected sonnenCommunity platform for sharing their self-produced energy with other members. The energy pool of the sonnenCommunity is carefully balanced to manage supply and demand, providing financial benefits such as annual amounts of free energy. Additionally, sonnen can connect the storage systems of the sonnenCommunity, forming a large, virtual battery pool that offers grid services like balancing power or load shifting.
sonnen first launched the sonnenCommunity in 2016 in Germany. In 2017, sonnen introduced the strategy in Australia, followed by the first US-based sonnenCommunity in Jasper, Arizona.
This move by Shell falls in line with its mission to invest up to $1 billion each year in energy technology, which it announced in 2017.
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