GE’s venture capital arm picks up Sonnen for growth potential

Share on linkedin
Share on twitter
Share on reddit
Share on facebook
Share on email

Sonnen's Eco 4 home energy storage unit. Image: Sonnen.
GE Ventures, the venture capital arm of US-headquartered multinational engineering group GE, has invested in German energy storage hardware and services provider Sonnen.

Mathias Bloch, a spokesman for Sonnen, confirmed to Energy-Storage.News on Monday that the “double-digit million-Euro sum” was being invested by GE Ventures and Sonnen’s existing investors.

Sonnen, which has launched the SonnenCommunity energy trading platform in its homeland in addition to selling over 10,000 residential units, is also active in the US, having initially targeted the commercial peak shaving market there before adding residential offerings earlier this year. The company is also expanding into other territories including the recent hire of a small team in the UK based at an innovation park in the west of England and the recruitment of distribution partners. In its recent Q1 results, Sonnen said it had sold 2,600 storage units in three months.

Other companies listed as part of GE Ventures’ energy portfolio on its website include SolarEdge, energy metering and analytics firm Tendril – in which SunPower is also an investor – and US residential solar leasing company Sungevity.

GE Ventures is also an investor in US commercial energy storage provider Stem, which has just closed a US$15 million Series-C funding round with capital from other major investors including European power utility RWE and Mithral Capital Management, another venture capital specialist.

Stem's marketing director Gabe Schwartz told Energy-Storage.News that the recent interest of majors such as RWE, Total, E.On and Engie in various energy storage companies was indicative of big players in the global energy market "seeing the energy storage space as somehow strategic to their larger business".

More to follow…

Read Next

May 27, 2022
Programmes to provide home energy storage solutions to low-income homes and businesses have been launched in Washington D.C and Connecticut by Electriq Power and Generac/PosiGen, respectively.
May 27, 2022
Global battery energy storage system (BESS) integrator Powin Energy is expanding its battery cell and system testing lab in Oregon, US.
May 25, 2022
Renewable energy developer Kearsarge Energy expects a 20-50% revenue uplift for a solar-plus-storage project in the New England ISO market by using Customized Energy Solutions’ optimisation platform.
May 25, 2022
Geoff Brown, CEO of the the world’s fifth largest battery energy storage system (BESS) integrator Powin Energy, discusses the company’s strategy for the coming years in an interview with
May 25, 2022
Progress is being made at one of Australia’s biggest co-located solar and energy storage projects.

Most Popular

Email Newsletter