TotalEnergies announced on Tuesday that it has acquired the entire share capital of Kyon Energy, a German-based developer of battery storage systems.

The acquisition is being made in return for an initial payment of 90 million euros, plus earn-outs linked to the achievement of development targets, the group said in a press release.

"This acquisition will enable us to accelerate the development of our Integrated Power activities in Germany, both in the production, trading, aggregation and marketing of low-carbon electricity available 24 hours a day", commented Stéphane Michel, Managing Director Gas, Renewables & Power at TotalEnergies, quoted in the press release.

"It thus contributes directly to our objective of achieving ROACE of around 12% by 2028 for this business sector", he added.

(Written by Nathan Vifflin, edited by Blandine Hénault)