Paris, January 23, 2024. As part of its development into an integrated energy provider in Germany, TotalEnergies has signed an agreement to acquire the entire share capital of Kyon Energy. Kyon Energy is one of the leading developers of battery storage systems in Germany and was founded in 2021 by its three founders. The transaction consists of an upfront payment of EUR 90 million and further payments linked to the achievement of certain development goals.
Since its inception, Kyon Energy has developed projects with a capacity of 770 MW and very competitive connection costs, of which 120 MW are already in operation, 350 MW are under construction and 300 MW are ready for construction. 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 these projects as part of its integrated energy strategy. This new acquisition follows on from the successes of 2023 in Germany — including the granting of a maritime concession for the development of an offshore wind farm with a capacity of 3 GW, the acquisition of renewable energy aggregator Quadra Energy and the award of a contract to install and operate 1,100 high-performance charging stations for electric vehicles — and strengthens TotalEnergies' ability to provide reliable and competitive energy to its German customers.
Battery storage systems contribute to the resilience of the German electricity system, help solve bottleneck problems, provide the German power grid with additional flexibility and ultimately support the rapid expansion of renewable energy in Germany.
“I would like to welcome the Kyon Energy teams to TotalEnergies. The acquisition of this company, which is one of the market leaders, is a key element of our presence on 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 the production, trading, aggregation and marketing of low-carbon electricity that is available 24 hours a day. It also contributes to our profitability target of 12% return for this business segment by 2028.”
“This partnership with TotalEnergies represents an important moment for Kyon Energy, as we have set ourselves the goal of becoming one of the leading flexibility providers in Europe. By joining forces, we are strengthening our position on the German electricity market and thus making a direct contribution to the transition to a more sustainable system,” said Adrian Kapsalis, CEO of Kyon Energy.
The takeover is still subject to approval by the relevant authorities.
TotalEnergies and electricity
TotalEnergies has set itself the goal of achieving net-zero electricity generation by 2050 and is therefore building a first-class, competitive portfolio that combines renewable energy (solar energy, onshore and offshore wind power) and flexible plants (gas and steam turbines, electricity storage) to supply its customers with clean electricity. At the end of 2023, TotalEnergies' gross installed capacity for generating electricity from renewable energy sources was 22 GW. TotalEnergies will further expand this area to achieve 35 GW by 2025 and net electricity generation of more than 100 TWh by 2030.
About TotalEnergies
TotalEnergies is a global multi-energy company that produces and markets energy: oil and biofuels, natural gas and green gases, renewable energy and electricity. Our more than 100,000 employees are committed to energy that is becoming increasingly affordable, sustainable and reliable and is available to as many people as possible. TotalEnergies operates in almost 130 countries and places sustainable development in all its dimensions at the center of its projects and activities to contribute to people's well-being.
About Kyon Energy
Kyon Energy is a German project development company that focuses on large battery storage systems. With 121 MW of battery storage systems successfully developed and sold with partners, a further 679 MW of ready-to-build storage projects and a current project pipeline of over 7 GW, Kyon Energy is one of the market leaders in Germany. The company has a particular focus on the development and optimization of multi-use strategies, combined with deep expertise in project development and management as well as the regulation of large battery storage systems. Through its battery storage systems, Kyon Energy is a driver of the energy revolution and strives for a world powered by renewable, sustainable and independent energy.
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