Energy multinational Totalenergies is acquiring Kyon Energy, a leading developer of battery storage systems in Germany. The consideration consists of €90 million ($98 million) up front, plus payments linked to development targets.
Kyon Energy was formed in 2021 and has 770MW of projects. Some 120MW are already in operation, 350MW are under construction and 300MW are ready to be built. In addition, Kyon Energy’s portfolio includes a 2GW pipeline of projects at an advanced stage.
Totalenergies will develop, build, and operate those projects, mainly in northern Germany.
Stéphane Michel, president of Gas, Renewables & Power at Totalenergies, said: “The acquisition of this company, one of the leaders in its market, is a key element in our presence in the German electricity market, which is the largest in Europe.”
The takeover is subject to regulatory approval.
