15th Feb 2019 08:55
LONDON (Alliance News) - Royal Dutch Shell PLC on Friday said it has agreed to buy smart energy storage firm Sonnen GmbH for an undisclosed sum.
Back in May, Shell led a EUR60 million placing in the German company and once the deal completes, Sonnen will become a wholly owned subsidiary of Shell. The value of the takeover has not been disclosed.
"Sonnen is one of the global leaders in smart, distributed energy storage systems and has a track record of customer-focused innovation. Full ownership of Sonnen will allow us to offer more choice to customers seeking reliable, affordable and cleaner energy," said Shell New Energies Executive Vice President Mark Gainsborough.
"Together, we can accelerate the building of a customer-focused energy system in support of Shell's strategy to offer more and cleaner energy solutions to customers," Gainsborough added.
'A' shares in Shell were down 0.2% at 2,423.00 pence on Friday and Shell's 'B' shares were down 0.4% at 2,450.72p.
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