TotalEnergies acquires German battery storage developer, Kyon Energy
Leading multi-energy producer and marketer, TotalEnergies announced it has acquired Kyon Energy, a leading battery energy storage developer in Germany.
The latest acquisition is in line with TotalEnergies' plan of developing itself into an integrated power player in Germany. Additionally, the move will support a rapid expansion of renewable energy in the German power grid, provide flexibility, and help solve congestion-related problems.
"I would like to welcome the Kyon Energy teams to TotalEnergies. 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," said Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies.
"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."
Kyon Energy has a total of 770 MW of projects, of which 120 MW are in operation, 350 MW are under construction and 300 MW are ready to build. In addition, Kyon Energy's portfolio includes a 2 GW pipeline of advanced-stage projects.
As part of the agreement, Totalenergies acquired the entire share capital of Kyon Enegry which entails a 90 million euro ($98.2 million) upfront payment and further payments linked to the achievement of development targets.
"This partnership with TotalEnergies represents a key moment for Kyon Energy, as we aim to become one of Europe's leading flexibility providers. By joining forces, we are consolidating our position in the German electricity market, and thus making a direct contribution to its transition to a more sustainable system," said Adrian Kapsalis, CEO of Kyon Energy.