The oil company Shell is no longer interested in greentech and the business with green technology and intelligent energy storage technology: Only four years after buying the Bavarian battery manufacturer Sonnen, the British oil and gas company Shell wants to get rid of the cleantech start-up and put it up for sale – and once again make a lot of money.
This is what the colleagues of the Handelsblatt learned from financial circles. Other media confirm the story.
The deal could be worthwhile for Shell, according to several people familiar with the transaction: the valuation of the storage company from the Allgäu region could be between €1.35 billion and €1.8 billion, three to four times the €450 million in sales expected in 2023.
Greentech Business: Shell paid €500 million for energy storage company Sonnen
Shell had paid about 500 million euros in 2019. Interested parties are said to be able to bid for either 51 per cent or the entire company. Shell declined to comment.
Just a few days ago, the oil company sold its entire residential electricity business in Germany and the UK to its British rival Octopus Energy.
Shell competitor Octopus Energy takes over residential electricity business in Germany
In addition, the oil company has scrapped several projects in the areas of wind energy and biofuels in recent months.
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