31/01/2024 by Mark
Energy firm TotalEnergies has confirmed its decision to buy Kyon Energy, a German company that develops projects for energy storage using batteries.
TotalEnergies will buy the company in its entirety from the three founders, who will together receive a €90 million payment up front and some further payments, should development targets be met.
Battery storage forms part of TotalEnergies’ integrated energy strategy, because it can help make electricity grids more resilient and relieve congestion issues, while providing support to renewable energy generation.
In a press statement, TotalEnergies’ president for power, renewables and gas, Stéphane Michel, took the opportunity to welcome the teams from Kyon Energy, pointing that out the acquisition was key to its operations in Germany, which has the biggest electricity market in Europe.
He added:
“This acquisition will enable us to accelerate the development of our Integrated Power activities in Germany, both in production, trading, aggregation and marketing of low-carbon electricity available 24 hours a day. It also contributes to our profitability target for this business segment of 12% ROACE by 2028.”
TotalEnergies, which makes the Total metalworking and coolant products, is in the process of building and acquiring cost-competitive renewable and flexible assets for its world-class portfolio as it moves to becoming a net-zero energy company. It had 22 GW in renewable energy generation capacity at the end of last year, and it plans to increase this to 35 GW by 2025. It also aims for its net production of electricity to reach 100 TWh by the end of the decade.
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