GE Ventures backs sonnen’s Mission to form Utility of the Future

June 05, 2016 by Jeff Shepard

GE Ventures joins sonnen's mission to form the utility of the future. The venture arm of one of the world's largest technology companies becomes an investor of sonnen Group, Europe's largest manufacturer of residential lithium storage systems and operator of Europe's first online energy sharing platform.

GE paid a “mid double-digit million-euro” sum for a minority stake in the company, according to a statement by Wildpoldsried, Bavaria-based Sonnen. Other investors are believed to be considering taking stakes in Sonnen, whose ownership includes founder Christoph Ostermann and four private equity funds.

"sonnen is helping to reshape the energy industry," said Jonathan Pulitzer, Managing Director at GE Ventures. "We believe in sonnen's vision and that is why we are excited to partner to provide clean and affordable energy to all."

Christoph Oysterman, Co-Founder and CEO of sonnen Group, adds: "With GE Ventures, we have not only partnered with one of the world's largest power and water technology companies but gained a supporter for our vision of a sustainable and affordable energy future for all."

sonnen develops and produces the smart storage system "sonnenBatterie", which has enabled more than 10,000 households worldwide, to meet their energy needs with self-produced renewable energy. In the "sonnenCommunity" households can share their self-produced energy with other people and can become completely independent of conventional suppliers.