shell buys german solar battery maker sonnen - solar street light lithium battery

FRANKFURT (Reuters)-
Royal Dutch Shell has agreed to buy German residential solar cell maker sonnen as the oil and gas giant expands its power business in an attempt to play a bigger role in the global transition to low powercarbon energy.
Sonnen has 40,000 battery systems worldwide, with sales of 65 million euros in 2017 ($73 million)
It is the leader in the German home battery market and has been extended to electric vehicle charging systems.
A Sonnen spokesman said regulatory approvals and transaction completion involving Shell New Energy are expected to be in 2019, but no value is given.
Sonnen will continue to operate in the town of Wildpoldsried in Bavaria, and its top management will remain, he said. Germany has 1.
5 million the subsidy sales tariff for the solar system will be phased out in the coming years.
By purchasing the battery, the householder can store it at home-
Make electricity, use it yourself, or sell it to the power grid.
Shell, the world's second-largest oil and gas listed company, has accelerated its investment in renewable energy and electricity markets, betting on rapid growth in demand for electricity due to the use of electric vehicles and the shift to cleaner energy.
The company acquired First Utility, a car charging technology, solar energy producer and retail energy supplier.
Shell poured money into Songnen last year to help it grow.
Sonnen's existing investors, including GE Ventures and European private equity investors, will be bought out. ($1 = 0. 8870 euros)