French energy giant TotalEnergies acquired German battery storage system Kyon Energy with an upfront payment of €90 million along with additional earn-out payments, according to a statement by TotalEnergies on Wednesday.
Marking a significant step in becoming an integrated power player in the German market, the move follows TotalEnergies' 2023 achievements in the country, which include a 3 gigawatt (GW) offshore wind farm, acquiring renewable energy aggregator Quadra Energy, and securing a contract for 1,100 high-power electric vehicle charge points.
Considering that Kyon Energy’s projects are primarily located in Northern Germany, the acquisition is pivotal for TotalEnergies' integrated power strategy and underscores its commitment to offering reliable and competitive power in Germany, the company said.
Kyon Energy, established in 2021, has rapidly made a name for itself by developing 770 megawatts (MW) of competitively priced projects, out of which 120 MW are already operational, 350 MW are under construction, and 300 MW are ready for build-out.
Furthermore, the company boasts around a 2 GW pipeline of advanced-stage projects.
The integration of Kyon Energy's battery storage systems will enhance the resilience and flexibility of Germany's electricity grid, which is crucial for managing congestion and supporting the country's renewable energy expansion.
'The inclusion of Kyon Energy’s expertise is a cornerstone in our German market strategy. This not only accelerates our integrated power activities in Germany but also aligns with our profitability targets,” said Stephane Michel, president of gas, renewables & power at TotalEnergies.
By Sibel Morrow
Anadolu Agency
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