German solar battery maker sonnen has secured 60 million euros ($71 million) in funds from Shell Ventures and existing shareholders to expand at home and abroad.
Shell Ventures, a unit of the Anglo-Dutch oil major that has been boosting its investments in solar and other renewables, was a lead investor in the latest funding round. sonnen said that the company will use the money for important investment plans especially in the U.S. and Australia.
In 2016, sonnen received 76 million euros from investors, including China’s Envision. The company said the 76 million euros plus the latest funding round would cover investment for the next two years. It also aims to turn a profit in Germany in two years.
The company boosted turnover by 65 percent to 65 million euros in 2017, outpacing growth in German solar battery sales of 30 percent.