TotalEnergies said on Tuesday that it had agreed to acquire the entire share capital of Kyon Energy, a leading developer of battery storage systems in Germany.
The transaction includes a EUR 90 million upfront payment and some earn out payments associated with the achievement of development targets.
Kyon Energy has developed 770 MW of projects since its creation in 2021. Of those, 120 MW are already in operation, 350 MW are under construction and 300 MW are ready to build.
After the acquisition, TotalEnergies will develop, build and operate the projects as part of its integrated power strategy, it said.
“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,” Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies, said in a press release.
“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. It also contributes to our profitability target for this business segment of 12% ROACE by 2028.”
“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,” Adrian Kapsalis, Chief Executive Officer of Kyon Energy, commented.
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