German lithium-ion energy storage system firm the Sonnen Group has completed a $85 million financing round to strengthen its domestic and international market share.
The financing enables Sonnen to continue growth in its energy sharing platform sonnenCommunity and further expansion into the US, Australia, UK and Italy.
The latest round of investment saw two new partners backing the company, which already includes eCAPITAL, MVP, SET Ventures, Inven Capital and GE Ventures.
The international technology company Envision Energy, and Thomas Putter a leading investor in renewable energy technology, gain a minority stake in sonnen.
“The future of energy is clean, decentralized and digital. With its sonnenCommunity platform and smart sonnenBatterie technology, sonnen already demonstrates how our energy infrastructure will look tomorrow,”said Lei Zhang, CEO of Envision Energy.
Sonnen develops and manufactures the sonnenBatterie smart energy management systems in Germany and in San José, California.
Through its sonnenCommunity, homeowners throughout Germany can produce, store and share their own electricity.
Sonnen’s latest development, the sonnenFlat, is the next step in virtual power plants enabling thousands of sonnenBatteries to be aggregated into one large storage pool that provides balancing energy for the powergrid in Germany.