TOTALENERGIES SE: Germany: TotalEnergies Acquires Kyon Energy, a Leading German Battery Storage Developer
23 Enero 2024 - 1:42AM
UK Regulatory
TIDMTTE
As part of its development as an integrated power player in
Germany, TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) has signed
an agreement to acquire from its three founders the entire share
capital of Kyon Energy, one of the leading developers of battery
storage systems in the country. The consideration consists of a
EUR90 million upfront payment, plus some earn out payments linked
to the achievement of development targets.
Since its creation in 2021, Kyon Energy has developed 770 MW of
projects with very competitive connection costs of which 120 MW are
already in operation, 350 MW are under construction and 300 MW are
ready to build. In addition, Kyon Energy's portfolio includes a 2
GW pipeline of advanced-stage projects.
Thanks to the expertise of Kyon Energy's management and
employees, TotalEnergies will develop, build, and operate those
projects, mainly located in the North of Germany, as part of its
integrated power strategy. This new acquisition follows 2023
successes in the country -- including the award of a maritime
concession to develop a 3 GW offshore wind farm, the acquisition of
the renewable energy aggregator Quadra Energy and the award of a
contract to install and operate 1,100 high-power charge points for
electric vehicles -- and is further strengthening TotalEnergies
ability to offer reliable and competitive power to its German
customers.
The battery storage system will contribute to the resilience of
the German electricity system, help solving congestion problems or
providing additional flexibility to the German power grid, and
ultimately support the rapid expansion of renewable energies in
Germany
"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."
"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", said
Adrian Kapsalis, CEO of Kyon Energy.
The acquisition remains subject to authorization by the relevant
authorities.
***
TotalEnergies and electricity
As part of its ambition to get to net zero by 2050,
TotalEnergies is building a world class cost-competitive portfolio
combining renewables (solar, onshore and offshore wind) and
flexible assets (CCGT, storage) to deliver clean firm power to its
customers. At the end of 2023, TotalEnergies' gross renewable
electricity generation installed capacity was 22 GW. TotalEnergies
will continue to expand this business to reach 35 GW in 2025 and
more than 100 TWh of net electricity production by 2030.
About TotalEnergies
TotalEnergies is a global multi-energy company that produces and
markets energies: oil and biofuels, natural gas and green gases,
renewables and electricity. Our more than 100,000 employees are
committed to energy that is ever more affordable, cleaner, more
reliable and accessible to as many people as possible. Active in
nearly 130 countries, TotalEnergies puts sustainable development in
all its dimensions at the heart of its projects and operations to
contribute to the well-being of people.
TotalEnergies Contacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com
l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l
ir@totalenergies.com
@TotalEnergies - TotalEnergies - TotalEnergies -
TotalEnergies
Cautionary Note
The terms "TotalEnergies", "TotalEnergies company" or "Company"
in this document are used to designate TotalEnergies SE and the
consolidated entities that are directly or indirectly controlled by
TotalEnergies SE. Likewise, the words "we", "us" and "our" may also
be used to refer to these entities or to their employees. The
entities in which TotalEnergies SE directly or indirectly owns a
shareholding are separate legal entities. This document may contain
forward-looking information and statements that are based on a
number of economic data and assumptions made in a given economic,
competitive and regulatory environment. They may prove to be
inaccurate in the future and are subject to a number of risk
factors. Neither TotalEnergies SE nor any of its subsidiaries
assumes any obligation to update publicly any forward-looking
information or statement, objectives or trends contained in this
document whether as a result of new information, future events or
otherwise. Information concerning risk factors, that may affect
TotalEnergies' financial results or activities is provided in the
most recent Universal Registration Document, the French-language
version of which is filed by TotalEnergies SE with the French
securities regulator Autorité des Marchés Financiers (AMF), and in
the Form 20-F filed with the United States Securities and Exchange
Commission (SEC).
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SOURCE: TotalEnergies SE
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