TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) has signed an agreement to acquire Kyon Energy, one of the leading energy storage system developers in Germany, as part of its integrated energy development strategy in the country. The total transaction value amounts to 90 million euros, with additional payments tied to the achievement of development targets.
Since its establishment in 2021, Kyon Energy has developed projects with a capacity of 770 MW, offering competitive connection costs. Currently, 120 MW is operational in Germany, 350 MW is under construction, and another 300 MW is ready for implementation. Kyon Energy also has a portfolio of advanced projects with a total capacity of 2 GW.
With the knowledge of Kyon Energy’s management and employees, TotalEnergies will develop, build, and manage these projects, mainly in northern Germany, as part of its integrated energy strategy. This new acquisition follows TotalEnergies’ successes in the country, such as being granted a concession to build a 3 GW offshore wind farm, acquiring renewable energy supplier Quadra Energy, and signing an agreement for the installation and operation of 1,100 high-capacity electric vehicle charging points. All of this further enhances TotalEnergies’ ability to deliver reliable and competitive energy to its German customers.
Energy storage systems will contribute to the resilience of the German electricity system, help solve network overload issues, provide additional flexibility to the German grid, and support the rapid development of renewable energy sources in Germany.
Stéphane Michel, President Gas, Renewables & Power at TotalEnergies, said, “I would like to warmly welcome the Kyon Energy team to TotalEnergies. The acquisition of this company, one of the market leaders, is a key element of 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 Energy activities in Germany, in terms of production, trading, aggregation, and marketing of 24/7 low-carbon electricity. It also contributes to achieving our profitability target of 12% ROACE for this business segment by 2028.”
Adrian Kapsalis, CEO of Kyon Energy, said, “This partnership with TotalEnergies is a crucial moment for Kyon Energy as we aim to become one of the leading providers of flexibility in Europe. Joining forces will strengthen our position in the German electricity market and directly contribute to transforming it into a more sustainable system.”
The acquisition is subject to the approval of the relevant authorities.
FAQ Section based on key topics and information presented in the article:
1. What is TotalEnergies?
TotalEnergies is an energy company operating in international markets. They have diverse investments in the energy sector, including renewable energy.
2. What is Kyon Energy?
Kyon Energy is a leading energy storage system developer in Germany. The company develops high-capacity projects and offers competitive connection costs.
3. What is the significance of TotalEnergies’ acquisition of Kyon Energy?
The acquisition of Kyon Energy by TotalEnergies is part of TotalEnergies’ strategy for the development of integrated energy in Germany. TotalEnergies will develop, build, and manage Kyon Energy’s projects, enabling them to deliver reliable energy to customers in Germany.
4. What benefits will energy storage bring to the German energy system?
Energy storage will contribute to the resilience of the German electricity system, help solve network overload issues, and provide additional flexibility to the German grid. Furthermore, it will support the rapid development of renewable energy sources in Germany.
5. What are TotalEnergies’ other successes in Germany?
TotalEnergies has achieved several successes in Germany, such as being granted a concession to build a large-scale offshore wind farm, acquiring renewable energy supplier Quadra Energy, and signing an agreement for the installation and operation of high-capacity electric vehicle charging points.
6. What are TotalEnergies’ goals for its business segment in Germany?
TotalEnergies aims to achieve a profitability of 12% ROACE for its electricity business segment in Germany by 2028.
Recommended Related Links:
– TotalEnergies: TotalEnergies’ official website, where more information about the company and its investments can be found.
– Kyon Energy: Kyon Energy’s official website, where more information about their energy storage projects can be obtained.
The source of the article is from the blog yanoticias.es