german solar battery maker sonnen secures shell cash to expand - solar street light lithium battery

FRANKFURT (Reuters)-
Sonnen, a German solar cell manufacturer, has received 60 million euros ($71 million)
The funds of shell investment and existing shareholders are expanding at home and abroad.
Shell venture capital is a division in the UK.
Sonnen chief executive Ostermann told Reuters that the Dutch oil giant, which has been increasing investment in solar and other renewable energy, is the main investor in the latest round of financing.
"With this money, we can start to develop important investment plans, especially in the United States and Australia," he said . " He added that additional cash was also contributed by existing shareholders.
"We also want to invest in expanding our sonnen community and virtual power plants (VPP)
And expand the grid we offer
Sonnen CEO said the company aims to make a profit in Germany within two years.
The company provides battery storage systems for homes with rooftop solar panels and connects homes
Germany is Europe's largest solar market, providing electricity to other solar users. The company —
There are also businesses in Italy, France, Australia, Austria, the United Kingdom and the United States --
To provide hardware and software to customers seeking more independent of the electricity market dominated by large utilities, most of which come from fossil fuels.
So far, sonnen has sold 30,000 batteries worldwide with a total capacity of 210 MW.
This is only a small fossil.
Fuel power plants, but it has the potential to expand as storage becomes cheaper and power generation becomes less concentrated.
The company works with grid companies to help eliminate the imbalance in the transmission network by bringing battery owners together to operate as a "virtual" power plant.
In 2016, sonnen received 76 million euros from investors including China's Envision.
Osman said that 76 million euros plus the latest round of financing will fund investment in the next two years.
"It's important for us to have legroom because we are a growth company and need to develop," he said . ".
Other investors in Sonnen include ecapedia and MVP in Germany, SET Ventures in the Netherlands, Inven Capital in the Czech Republic and GE Ventures in the United States. S.
General Electric
Ostermann said Shell's investment in 140 countries will help sonnen expand into new areas.
Ostermann said the company increased its turnover by 65% in 2017 to 65 million euros, surpassing the 30% increase in German solar cell sales. IPO)
This is a possibility, but it is not in sight.