TotalEnergies Acquires Kyon Energy - Quick Facts

(RTTNews) - TotalEnergies (TTE) has agreed to acquire from its three founders the entire share capital of Kyon Energy. The consideration consists of a 90 million euros upfront payment, plus some earn out payments.

Kyon Energy is a leading developer of battery storage systems. Its portfolio includes a 2 GW pipeline of advanced-stage projects.

Stephane Michel, President Gas, Renewables & Power at TotalEnergies, said: "This acquisition will enable us to accelerate the development of our Integrated Power activities in Germany, both in production, trading, aggregation and marketing of low-carbon electricity available 24 hours a day. It also contributes to our profitability target for this business segment of 12% ROACE by 2028."