Completed the Acquisition of Sonnen

The acquisition of Sonnen, a German solar battery company, marked a strategic move for the company as part of its New Energies project. This initiative aims to expand its portfolio in renewable energy and energy storage solutions. Sonnen specializes in home battery systems, which are designed to store solar energy for residential use, thereby enhancing energy efficiency and sustainability. Prior to the acquisition, the company had already invested in Sonnen, indicating a commitment to integrating innovative technologies into its operations. The acquisition aligns with the growing trend of energy companies diversifying their services to include renewable energy sources and storage capabilities, responding to the increasing demand for sustainable energy solutions. As of late 2021, the company had established a significant presence in the energy storage market, with 800 employees and the installation of 70,000 home battery systems, showcasing its commitment to advancing energy technology and supporting the transition to a low-carbon economy. This move not only strengthens the company's position in the renewable energy sector but also contributes to the broader goal of reducing carbon emissions and promoting energy independence for consumers.