Germany-based energy storage company sonnen has completed a new financing round with a total equity amount of $85 million.
sonnen says the financing will enable the company to continue its growth in Germany and deepen its expansion into international markets, including the U.S., Australia, the U.K. and Italy. The company also plans to further develop its energy sharing platform, known as the sonnenCommunity, which allows homeowners in Germany to produce, store and share their own electricity.
Envision Energy and Thomas Putter, former CEO and chairman of Allianz Capital Partners and an investor in renewable energy technology, each gain a minority stake in sonnen. The two new partners join existing investors such as eCAPITAL, MVP, SET Ventures, Inven Capital and GE Ventures.
“The future of energy is clean, decentralized and digital. With its sonnenCommunity platform and smart sonnenBatterie technology, sonnen already demonstrates how our energy infrastructure will look tomorrow,” said Lei Zhang, CEO of Envision Energy.
sonnen develops and manufactures the sonnenBatterie smart energy management systems in Germany and in San Jose, Calif.