TotalEnergies, the French oil and gas major, has announced its plans to acquire Kyon Energy, a leading battery-storage systems developer based in Germany. Under the agreement, TotalEnergies will make an upfront payment of €90 million ($98 million) for Kyon Energy, along with future performance-based payments.
Kyon Energy's Impressive Track Record
According to TotalEnergies, Kyon Energy has already developed 770 megawatts of projects with highly competitive connection costs. Currently, 120 megawatts of these projects are already in operation, while an additional 350 megawatts are currently under construction. Furthermore, Kyon Energy has 300 megawatts that are ready to be built.
Extensive Project Portfolio
TotalEnergies highlights that Kyon Energy boasts an advanced-stage project pipeline amounting to an impressive 2 gigawatts. With a diverse and extensive portfolio, Kyon Energy is well-positioned in the energy storage market.
Expanding TotalEnergies' Reach
This agreement is the latest in a series of strategic acquisitions made by TotalEnergies this year. The French energy company has been increasing its stakes in offshore blocks in Namibia and investing in offshore wind projects in Denmark.