Germany-based distributed battery storage provider, Senec has been acquired by a major German utility.
While the battle for market share in the residential storage market continues to intensify, one of the early leaders has been acquired by a major German utility.
Storage provider Senec has been acquired by EnBW, which currently employs 20,000 people and serves some 5.5 million customers. It will provide the money Senec requires for further international expansion and product development.
Alongside RWE, EON and Vattenfall, EnBW is one of the ‘big four’ German utilities. EnBW is behind one of Germany’s biggest end-customer energy brands, yello. It is a major investor in wind power both in Germany and internationally.
Announcing the acquisition, Senec managing director,s Maximilian von Grundherr said that the move will allow the company to continue to roll out new business models for battery storage.
“The strategies and cultures of our companies are a perfect match,” said von Grundherr, in a statement. “At the heart of our solution is an integrated system of energy management and battery storage developed by the company. With our partner EnBW at our side, Senec will continue to grow and open up additional business models in the home storage market. ”
EnBW reported that in recent years it has expanded its offerings in the area of distributed energy generation. It already provides storage solutions to clients, but will now have an in-house product. It claims to currently operate one the largest networks of e-mobility fast-charging stations in Germany.
“With the Senec solutions, we are becoming a comprehensive supplier of the decentralized energy transition and with this strategic step we are expanding our own value-added chain as well as our competence in the field of intelligent energy management systems,” said Timo Sillober, VP sales, product management and digital at EnBW.
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