Wednesday, May 23, 2018

Sonnen Raises $70M From Shell For Energy Storage Efforts, Expansion

Sonnen, the German developer of energy storage systems which has its U.S. headquarters in Los Angeles, said today that it has raised €60 million (approximately $70.23M US) from Shell, to expand its expansion in the US and Australia. The investment was made by Shell Ventures, the venture capital arm of Royal Dutch Shell. Sonnen develops a home energy storage platform based on batteries, which competes against Tesla's PowerWall products. Sonnen set up its US headquarters in Los Angeles back in 2016. The company's products are based on LiFePO4 battery technology.