Sonnen gains another investor after Czech utility ČEZ, investments already exceed tens of millions of euros

German start-up Sonnen (formerly Sonnenbatterie) has secured another investment from GE Ventures, a subsidiary of General Electric, following an investment by the ČEZ Group through its subsidiary Inven Capital. To date, Sonnen has sold more than 11,000 battery systems.

According to Reuters, investors, including newly announced GE, have already invested tens of millions of euros in the German start-up. Last year, Czech utility ČEZ also announced an investment through Inven Capital.

According to the head of new investor GE Ventures, Sonnen is helping transform the energy sector while enabling its customers to consume renewable and affordable electricity through its products.

„Sonnen is helping to transform the energy sector. We share Sonnen’s vision, and we are therefore truly excited to become a partner in a project aimed at providing clean and affordable electricity.“
Jonathan Pulitzer, head of GE Ventures

Sonnen benefits from its domestic German market, where generous subsidies are available to those interested in energy storage systems. These were under threat last year after Minister Sigmar Gabriel considered ending the support, which he said had already fulfilled its purpose of kick-starting the entire sector.

Following pressure from industry associations, the programme will continue for another three years, which is very positive news for Sonnen and other battery system manufacturers.

With 11,000 units sold, start-up Sonnen is currently the European leader in the sector and continues to expand, for example thanks to last year’s launch of a trading platform. It can currently be used in Germany and Austria, but according to company representatives, it will also be launched in Italy and the US by the end of this year.

Since November last year, around 1,500 interested parties have signed up for the trading platform, allowing them to trade with one another and trade surplus electricity from their photovoltaic power plants.