PARIS, FRANCE: TotalEnergies, a French energy giant, has acquired Kyon Energy, a German company that specializes in battery storage systems, for €90 million plus some performance-based payments.
Kyon Energy, founded in 2021, has developed 770 MW of battery projects, of which 120 MW are operational, 350 MW are under construction, and 300 MW are ready to build. The company also has a 2 GW pipeline of advanced-stage projects.
The acquisition is part of TotalEnergies’ integrated power strategy in Germany, where it has already secured a 3 GW offshore wind concession, bought a renewable energy aggregator, and won a contract to install 1,100 electric vehicle charging stations.
TotalEnergies aims to offer reliable and competitive power to its German customers, while supporting the growth of renewable energies and the stability of the power grid.
“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,” said Stéphane Michel, President Gas, Renewables & Power at TotalEnergies.
“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.”
Adrian Kapsalis, CEO of Kyon Energy, said, “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”.