LA DEFENSE (dpa-AFX) - TotalEnergies (TTE) has agreed to acquire from its three founders the entire share capital of Kyon Energy. The consideration consists of a 90 million euros upfront payment, plus some earn out payments.
Kyon Energy is a leading developer of battery storage systems. Its portfolio includes a 2 GW pipeline of advanced-stage projects.
Stephane Michel, President Gas, Renewables & Power at TotalEnergies, said: '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.'
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