TotalEnergies has agreed a €90 million deal to acquire the entire share capital of Germany-headquartered battery storage system developer Kyon Energy from the company’s three founders.
The consideration consists of a €90 million upfront payment, plus some earn out payments linked to the achievement of development targets.
Since its creation in 2021, Kyon Energy has developed 770 MW of projects of which 120 MW are already in operation, 350 MW are under construction and 300 MW are ready to build. In addition, Kyon Energy’s portfolio includes a 2 GW pipeline of advanced-stage projects. TotalEnergies will develop, build, and operate the projects, mainly located in the north of Germany, as part of its integrated power strategy.
Stéphane Michel, president gas, renewables & power at TotalEnergies, said: “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. 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.”
Adrian Kapsalis, CEO of Kyon Energy, added: “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.”