Sonnen, a Wildpoldsried, Germany-based provider of smart, residential solar storage solutions, raised €60m in financing.
The round was led by Shell Ventures with participation from existing investors.
The company intends to use the funds to strengthen its lead and accelerate growth in markets such as the United States and Australia.
Led by Christoph Ostermann, CEO, sonnen is a market leader for smart energy storage and operator of a large energy sharing platform. The company already supplies over 120,000 people globally with energy.
sonnen operates the sonnenCommunity, which is a decentralized energy platform for sharing self-generated energy.
Alongside the investment, sonnen and Shell’s New Energies division have launched a strategic cooperation agreement in areas that offer synergies between the two companies. This partnership will include innovative integrated energy propositions, enhanced EV charging solutions and the provision of grid services that are based on sonnen’s virtual battery pool.