The sonnen Group, a Wildpoldsried, Germany-based provider of intelligent battery storage, completed an $85m financing round.
International technology company Envision Energy and Thomas Putter, former CEO and ex-Chairman of Allianz Capital Partners and an investor in renewable energy technology, gain a minority stake in sonnen through this investment. They joined existing investors including eCAPITAL, MVP, SET Ventures, Inven Capital and GE Ventures.
The company intends to use the funds to develop new products such as the energy sharing platform known as the sonnenCommunity and to further expand its business in the United States, Australia, UK and Italy.
Led by Christoph Ostermann, CEO, 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. The company’s latest development, the sonnenFlat, enables thousands of sonnenBatteries to be aggregated into one large storage pool that provides balancing energy for the powergrid in Germany.