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. This acquisition is part of TotalEnergies’ strategy to develop integrated energy solutions in the country. The total value of the transaction is 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 an additional 300 MW is ready to be implemented. Kyon Energy also has a portfolio of advanced projects with a total capacity of 2 GW.
With the expertise of Kyon Energy’s management and workforce, TotalEnergies will develop, build, and manage these projects, mainly in northern Germany, as part of its integrated energy strategy. This new acquisition follows TotalEnergies’ success in the country, including the award of a 3 GW offshore wind farm concession, the acquisition of renewable energy supplier Quadra Energy, and the signing of an agreement for the installation and operation of 1,100 high-power charging points for electric vehicles. All of this further enhances TotalEnergies’ capability to provide reliable and competitive energy to its German customers.
Energy storage systems will contribute to the resilience of the German electricity system, helping to solve network congestion issues, providing additional flexibility to the German energy grid, and supporting the rapid development of renewable energy sources in Germany.
Stéphane Michel, President Gas, Renewable Energies & 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 our Integrated Energy activities in Germany, in terms of production, trading, aggregation, and marketing of 24/7 low-carbon electricity. It also contributes to our goal of achieving a 12% ROACE profitability for this business segment by 2028.”
Adrian Kapsalis, CEO of Kyon Energy, said, “This collaboration with TotalEnergies is a pivotal moment for Kyon Energy as we strive to become one of the leading providers of flexibility in Europe. Combining 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 energy, including renewable energy sources.
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 to develop integrated energy solutions in Germany. TotalEnergies will develop, build, and manage Kyon Energy’s projects, enabling them to provide 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 congestion issues, and provide additional flexibility to the German energy grid. Additionally, it will support the rapid development of renewable energy sources in Germany.
5. What are other successes of TotalEnergies in Germany?
TotalEnergies has achieved several successes in Germany, such as being awarded a concession for the construction of a high-capacity offshore wind farm, acquiring renewable energy supplier Quadra Energy, and signing an agreement for the installation and operation of high-power charging points for electric vehicles.
6. What are TotalEnergies’ goals for its business segment in Germany?
TotalEnergies aims to achieve a 12% ROACE profitability for its electricity-related business segment in Germany by 2028.
Suggested Related Links:
– TotalEnergies: TotalEnergies’ homepage, where more information about the company and its investments can be found.
– Kyon Energy: Kyon Energy’s homepage, where more information about their energy storage projects can be obtained.
The source of the article is from the blog mendozaextremo.com.ar