Oil Super major Shell Acquires Sonnen for Home Battery Expansion
- Published | 22 February 2019
Shell’s acquisition of Germany based energy company, Sonnen, will grow their business expansion in energy storage sector and will propel global residential energy storage market in upcoming periods.
Global: Oil major Shell is launching itself into the fast-growing household battery market by acquiring, German startup sonnen, staking a claim on the home energy storage market and further expanding its ever-increasing footprint in the clean energy industry. Besides storing solar power for homeowners, sonnen aggregates its installations into controllable networks of grid resources. The backing of Shell could propel sonnen to new scale and customer awareness as it competes with Tesla’s Powerwall and LG Chem’s Resu for customers that want to control their home energy. The acquisition escalates Shell’s involvement in futuristic grid startups. In just the last month, the company invested in a novel wind power venture called Makani and acquired Greenlots, a major U.S. electric vehicle charging company. VP of energy solutions at Shell, said: “The initial investment came with a strategic cooperation agreement with Shell New Energies, to develop innovative integrated energy propositions, enhanced EV charging solutions and the provision of grid services that are based on sonnen's virtual battery pool”.
According to BlueWeave Consulting, Residential Energy storage is a new feature which gives benefit in financial terms and energy management of residential purposes. Residential Energy storage have numerous advantages such as maximize consumption of own power, to keep home’s electricity resilient, get power even with no grid, saving electricity costs. Rising electricity costs, reduction in system costs, preference toward the use of clean and locally generated electricity for more energy independence and limited energy resources will boost residential energy storage market globally. Moreover, government initiatives for renewables energy, increment in consumer awareness about benefits of using renewables energy resources will play a major role in growth of residential energy storage market.
According to BlueWeave Consulting‘s upcoming report, Titled-“Global Residential energy storage market By Product (Lead Acid, Lithium-ion and sodium Nickel Chloride), By Distribution channel (offline and online), By Region, Size and Forecast 2018- 2025”- Global residential energy storage market is expected with grow with a significant rate in forecast period, 2018-2025, due to growing regulatory focus toward minimizing carbon emissions while increasing the share of renewables on the grid. Moreover, increasing demand of solar PV levels along with introduction of supportive policies and energy storage subsidies, Aging grid infrastructure and rising concerns over climate change will further fuel the global residential energy storage market over forecast period.