TotalEnergies (TTEF.PA), opens new tab said on Tuesday it had signed an agreement to acquire the entire share capital of German battery storage company Kyon Energy, as part of the development of its Integrated Power operations in the country.
The consideration entails a 90 million euro ($98.2 million) upfront payment and further payments linked to the achievement of development targets, TotalEnergies said in a release.
"This acquisition will enable us to accelerate the development of our Integrated Power activities in Germany," said Stéphane Michel, TotalEnergies' President Gas, Renewables & Power.
Michel added that the acquisition, which has still to be approved by the relevant authorities, would contribute to the group's profitability target for the segment of a 12% return on average capital employed (ROACE) by 2028.
